What exactly does the lawsuit say?

Key takeaways

• XLM remains under pressure at $0.160.
• Positive funding rates for both tokens offer limited hope of a recovery.
• XLM must reclaim the $0.176–$0.180 area to improve its outlook.

XLM continues to trade below several major moving averages. Mixed derivatives and on-chain signals reveal uncertainty among traders, leaving XLM exposed to further losses despite tentative signs of improving sentiment.

XLM traders show mixed positioning

CoinGlass derivatives data points to a more bearish outlook for Stellar. XLM’s long-to-short ratio was notably weaker at 0.92, approaching its lowest level in more than a month. 

A reading below one indicates that short positions outnumber longs, reflecting expectations of further downside.

Funding rates for both tokens have improved despite their weak price performance. XLM’s funding rate climbed to 0.0092%. 

Positive funding means traders holding long positions are paying short sellers, generally indicating bullish demand in the perpetual futures market.

The figures suggest that some traders are willing to maintain bullish exposure while prices remain under pressure. However, continued declines could leave those long positions vulnerable to liquidations.

CryptoQuant data presents a mixed picture for Stellar. XLM’s futures market shows selling-side dominance across both spot and futures markets. 

The presence of large whale orders adds uncertainty, but the broader data continues to favor caution while sellers control trading activity.

Stellar remains below major moving averages

Stellar traded near $0.160 on Thursday, maintaining a bearish short-term outlook below all three major EMAs.

The 50-day EMA is positioned at $0.176, while the 100-day and 200-day EMAs stand at $0.180 and $0.190, respectively. 

Their convergence above the current price creates a dense resistance zone that buyers must overcome before a meaningful recovery can develop.

Momentum indicators also remain weak. XLM’s RSI is near 33, placing it close to oversold territory, while the MACD continues to trade in negative territory.

Although the low RSI could eventually support a relief rally, it does not by itself confirm that XLM has reached a bottom.

The first important resistance zone for Stellar sits between the 50-day EMA at $0.176 and horizontal resistance at $0.177.

A break above this area could ease selling pressure and open the way toward the 100-day EMA at $0.180. Bulls would then need to clear the 200-day EMA at $0.190 to establish a stronger recovery.

If XLM remains below these levels, the bearish outlook will persist. Continued selling could send the token toward its next meaningful horizontal support at $0.142, where buyers may attempt to defend the price.

For now, XRP’s slight bullish positioning provides limited recovery hope, but both tokens remain technically vulnerable while trading below their major moving averages.

Crypto hardware wallet Trezor revealed today that the personal details of 13,689 of its customers have been leaked. 

The breach at Trezor’s mailing partner, ShipMonk, impacted users across the UK, US, Sweden, Colombia, Brazil, Italy, and Portugal, who ordered a Trezor product between May 10 and August 8, 2026.

Nearly 12,000 customers had their full name, physical address, phone number, and email address leaked, while almost 2,000 saw their name, city, and email address leaked. 

Trezor says private keys are safe 

Trezor claims someone gained “unauthorized access” to ShipMonk’s systems, and that Trezor infrastructure, such as its devices and private keys, is unaffected. 

It warned that leaked users are now at risk of phishing scams via phone, email, or post, and stressed that “Nobody from Trezor ever asks for a wallet backup.” 

We have some difficult news to share. Unfortunately, one of our shipping providers has experienced a data breach that exposed sensitive order data. This affects new customers in the US, UK, Sweden, Colombia, Brazil, Italy, and Portugal who received an order within the 90 days…

— Trezor (@Trezor) August 13, 2026

Read more: Search engines fix Claude leak but Perplexity users’ files still online

The wallet firm says only users who received a warning email from Trezor today are impacted by the leak. 

Trezor says it’s yet to decide on ShipMonk partnership

Trezor told Protos that it was informed of ShipMonk’s breach on August 10.

It said it’s still gathering information on the incident and that, only when it has the full picture, will it “decide on the future” of its partnership with ShipMonk. 

Trezor emphasised how its 90-day data policy helped mitigate the leak with its ability to “delete or anonymize order data 90 days after delivery.”

It claims that it is also pushing an “anonymous delivery” this year, and noted that it will share more details of the ShipMonk breach once a full report is ready. 

Wallet data leaks lead to targeted scams 

Crypto wallet maker Ledger suffered similar customer data leaks back in 2020 and 2026. 

Following the 2020 breach, hackers sent fake Ledger devices that were designed to upload malware into a user’s computer.

Scammers used this same leaked data five years later to send fake Ledger letters that attempted to trick recipients into handing over their recovery phrases.

Trezor customers have previously been targeted with phishing campaigns that used phoney stories of quantum vulnerability disclousres to trick victims.

Read more: Why did I receive a Trezor phishing email from Substack?

It’s also believed that criminals use this sort of leaked data to physically target crypto users.

This was the case last week when lawyers in France claimed the leaked address of one retired crypto millionaire, who had since moved out of his former property, led to the attacks against the new owners. 

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

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ETH Exchange Reserves, Source: CryptoQuant

Spot ETH ETFs, Source: SoSoValue

Bullish (NYSE: BLSH) shares jumped in early trading on Thursday after the institution-focused crypto exchange and CoinDesk owner reported a strong rebound in quarterly results. The company said second-quarter adjusted revenue climbed 62% year over year, while adjusted EBITDA more than tripled, reflecting both improved operating performance and a shift in where income was coming from.

The stock’s move also followed a regulatory step in Gibraltar that broadens Bullish’s ability to operate in tokenized securities—an area that has increasingly drawn attention from traditional finance. Investors appear to be weighing the quarter’s financial momentum alongside the company’s push toward more regulated onchain market activity.

Key takeaways

• Bullish reported second-quarter adjusted revenue of $92.6 million, up from $57.0 million a year earlier.
• Adjusted EBITDA rose to $29.5 million from $8.1 million, indicating a significant improvement in profitability.
• Subscription, services and other revenue reached a record $62.7 million, helping offset weaker exchange activity.
• The company’s quarterly trading volume totaled $179.6 billion, down from $197.4 billion year over year, while average daily volume fell to $2.0 billion.
• Bullish received approval from Gibraltar’s Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities and raised full-year guidance for subscription-related revenue.

Quarterly results point to operating leverage

In its earnings update, Bullish said adjusted revenue for the second quarter reached $92.6 million, compared with $57 million in the same period of the prior year. The profitability turnaround was even more pronounced: adjusted EBITDA increased to $29.5 million from $8.1 million.

On the bottom line, the company reported adjusted net income of $14.3 million, reversing a $6.0 million loss in the year-ago quarter. For shareholders, the combination of rising revenue and sharply higher adjusted EBITDA suggests the business is capturing more value per unit of activity—an important signal for exchanges that have historically been sensitive to market volumes.

Revenue mix strengthens as exchange activity cools

While exchange volumes softened compared with the year before, Bullish highlighted a key offsetting driver. Subscription, services and other revenue totaled a record $62.7 million in the quarter.

That figure mattered because trading metrics declined: Bullish reported $179.6 billion in quarterly trading volume, down from $197.4 billion a year earlier. Average daily volume also slipped to $2.0 billion from $2.2 billion. The implied message is that the company’s income stream is becoming less dependent on pure trading throughput and more supported by services and subscription-related earnings.

For traders and institutional users, a revenue mix that relies more on subscriptions and services can be beneficial—especially if broader market activity fluctuates. It may also indicate that Bullish is attracting customers not only for spot trading, but for infrastructure and ongoing platform access.

Gibraltar approval expands tokenized securities business

Separate from the financial results, Bullish reported it received approval from the Gibraltar Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities. This is a notable development for a company positioning itself in regulated onchain markets.

The approval matters because secondary trading permission moves tokenized securities beyond primary issuance mechanics and into ongoing liquidity, where regulatory frameworks and market structure typically become more complex. Bullish framed the step as part of its expansion into regulated tokenized markets.

However, the exact scope of what products can be listed and how trading will operate in practice was not detailed in the provided information. Investors will likely watch for further clarification on launch timelines, participating issuers, and how trading activity in tokenized securities compares with the broader crypto exchange volume.

Guidance raised amid improved visibility

Bullish also lifted its full-year guidance. The company now expects $225 million to $245 million in subscription, services and other revenue, citing performance in the first half of the year and improved visibility.

Raising guidance can be interpreted as management signaling confidence that the stronger revenue mix seen in the quarter will persist. That is particularly relevant given the reported decline in trading volume versus the prior year—suggesting the company believes its non-exchange revenue streams are gaining enough momentum to offset weaker trading activity.

At the same time, investors should note that guidance is tied specifically to subscription, services and other revenue. The company did not provide a revised outlook in the provided excerpt for exchange-specific results, so it remains unclear how much of the improvement will translate into sustained volume growth.

Shares rally, but longer-term performance remains a concern

Thursday’s advance extends a broader rebound for Bullish shares. The stock has gained around 20% over the past month, according to Yahoo Finance data. Even with the recent rally, Bullish shares remain far below levels seen after the company’s listing last year, trading about 70% under post-listing highs, based on the same Yahoo Finance reference.

In other words, the near-term reaction to stronger financial metrics and a regulatory expansion comes against a backdrop of still-limited recovery from earlier drawdowns. That dynamic often shapes how markets respond to the next earnings report: investors may continue to reward progress on profitability and services growth, while still requiring evidence that trading volumes and tokenized securities activity can scale.

Looking ahead, the key signals to watch are whether Bullish can maintain subscription and services momentum as trading volumes fluctuate, and how quickly the Gibraltar tokenized securities approval translates into tangible secondary-market activity. The regulatory green light may open doors, but the market will ultimately want proof in execution and sustained earnings.

Public Bitcoin miners are trimming capacity faster than the network itself, according to a BlocksBridge Consulting analysis shared in the Miner Weekly newsletter. The data points to a gradual redeployment of electricity, sites, and operational expertise toward data centers and high-performance computing (HPC)—a key shift in the sector’s business model.

BlocksBridge reported that realized hashrate among a cohort of public miners fell from 368.3 exahashes per second (EH/s) in Q4 2025 to 319 EH/s in Q2 2026, a 13.4% decline. The pullback was steeper when excluding Bitdeer, which continued to grow.

Key takeaways

• Realized hashrate among public Bitcoin miners dropped 13.4% from Q4 2025 to Q2 2026, according to BlocksBridge’s Miner Weekly cohort.
• Without Bitdeer, the cohort’s realized hashrate fell 21.2%, indicating that most operators contracted more aggressively.
• Bitdeer was an outlier: its realized hashrate rose 44% to 63 EH/s during the same period.
• Bitcoin network average hashrate declined 10.6% over the same six months, suggesting miners’ reductions outpaced the broader network.
• Several miners are increasingly deriving revenue from non-mining activities such as colocation and HPC leasing.

Miners shrink capacity faster than the network

BlocksBridge’s latest Miner Weekly update frames the change as part of a longer transition underway in the mining industry. In its reported cohort, realized hashrate decreased from 368.3 EH/s in Q4 2025 to 319 EH/s in Q2 2026. When Bitdeer is removed from the comparison, the decline becomes more pronounced: realized hashrate drops from 324.6 EH/s to 255.9 EH/s, or 21.2%, across the six-month span.

Bitdeer’s figures diverge sharply from the rest. BlocksBridge reported that Bitdeer’s realized hashrate increased 44% to 63 EH/s, highlighting how competitive dynamics among public miners have started to split between those expanding and those contracting.

For context, BlocksBridge also noted that the Bitcoin network’s average hashrate fell 10.6% over the same period. The gap—miners reducing faster than the network—matters because it can signal that some operators are prioritizing other uses for capital and power rather than continuing to chase mining economics.

Why non-mining revenue is becoming more central

Alongside the capacity pullback, the sector’s revenue mix is shifting. The article points to growing contributions from non-mining activities—particularly colocation and HPC leasing—at miners that have positioned their power and infrastructure for broader technology demand.

In an example highlighted alongside the hashrate data, Core Scientific generated $136.7 million in colocation revenue in Q2, compared with $27.5 million from Bitcoin mining. Similarly, TeraWulf reported $31.9 million in HPC lease revenue versus $12.8 million from mining.

While the specific companies referenced show the trend clearly, the overall message is broader: the economics of mining alone are not carrying the same weight they once did. For investors and market observers, that shift changes how to interpret operational performance. Realized hashrate trends may no longer map cleanly to profitability if more of a miner’s earnings depends on leasing, hosting, or AI-related workloads rather than block rewards and transaction fees.

The post-2021 mining migration is losing momentum

BlocksBridge attributed the current slowdown to the unwinding of the expansion cycle that followed China’s 2021 Bitcoin mining ban. That policy shock triggered one of the most dramatic hashrate declines in Bitcoin’s history, followed by a recovery as miners relocated overseas.

North America became a key destination, where migration and new operational capacity supported an expansion among public miners. The analysis frames that phase as a capital-raising and build-out period—one characterized by power-site acquisitions and a push to scale mining infrastructure.

However, the newsletter argues that after a halving cycle, conditions look materially different. Weaker mining profitability is paired with escalating demand for AI infrastructure since 2022, creating incentives for some public miners to repurpose sites and shift power capacity away from Bitcoin mining entirely.

That doesn’t mean the mining business is disappearing, but it does suggest a structural change in priorities. Instead of simply competing to add more hashpower during favorable windows, operators are increasingly treating their electricity access and data-center capabilities as an asset that can serve multiple markets.

What to watch next: divergence among operators

The most important signal in the BlocksBridge report is divergence. Bitdeer’s continued realized hashrate expansion contrasts with more aggressive contraction from other public miners in the cohort, while Bitcoin network hashrate overall falls more moderately. For readers tracking the sector, the next question is whether the gap between “expanding” and “contracting” operators persists as electricity costs, hosting demand, and AI workloads evolve.

As more miners report meaningful revenue from colocation and HPC leasing, future comparisons may need to focus less on how quickly companies add or remove mining equipment and more on whether their non-mining services can sustainably offset changes in mining profitability.

Bullish shares jumped around 13% in early trading Thursday after the institutional-focused crypto exchange and CoinDesk owner reported a 62% year-over-year increase in second-quarter adjusted revenue and more than tripled its adjusted EBITDA.

Bullish reported $92.6 million in adjusted revenue for the quarter, up from $57 million a year earlier, while adjusted EBITDA rose to $29.5 million from $8.1 million. Adjusted net income reached $14.3 million, reversing a $6 million loss in the year-ago quarter.

Subscription, services and other revenue hit a record $62.7 million, helping offset weaker exchange activity. The company recorded $179.6 billion in quarterly trading volume, down from $197.4 billion a year earlier, while average daily volume fell to $2 billion from $2.2 billion.

The NYSE-traded BLSH shares were up more than 10% on Thursday morning. Source: Yahoo Finance.

The company also received approval from the Gibraltar Financial Services Commission to offer secondary trading in issuer-sponsored tokenized securities, expanding its push into regulated onchain markets.

Bullish lifted its full-year guidance, forecasting $225 million to $245 million in subscription, services and other revenue, citing its first-half performance and improved visibility.

Thursday’s rally extends a recent rebound for Bullish shares, which have gained around 20% over the past month. The stock, however, remains about 70% below its post-listing highs last year, according to Yahoo Finance data.

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