Crypto World
More Markets suffers $9.3m WFLOW exploit on Flow EVM
More Markets has suffered an exploit on Flow EVM that drained about 15.5 million WFLOW from the lending protocol, with blockchain security firm Blockaid estimating the impact at roughly $9.3 million.
Summary
- More Markets was exploited on Flow EVM, with 15.5 million WFLOW drained from its mFlowWFLOW lending reserve.
- Blockaid estimated the impact at roughly $9.3 million and linked the attack to an Ankr bonded LST and More Markets’ E Mode mechanism.
- The security firm identified a cluster of transactions used to move funds after the exploit, while the final losses and destination of the assets remain under investigation.
- Blockaid has not said Ankr or the Flow blockchain itself was compromised, with its initial disclosure identifying More Markets as the protocol targeted.
Blockaid said in an Aug. 31 X post that an attacker exploited More Markets, developed by More Labs, by using an Ankr bonded liquid staking token together with the protocol’s E Mode mechanism. The security firm identified the mFlowWFLOW lending reserve as the source of the drained tokens and published transactions linked to the attack.
https://twitter.com/blockaid_/status/2094317778719142172
The firm’s initial assessment puts the amount removed from the reserve at 15.5 million WFLOW. Blockaid described the roughly $9.3 million figure as its detected impact, meaning the final loss has yet to be confirmed as investigators trace the transactions and determine where the assets ultimately moved.
Blockaid published an exploit transaction, the contract deployment transaction and a cluster of post exploit transfers. The firm said the cluster contained transactions used to move funds after the reserve was drained, but had not provided a final accounting of the attacker’s holdings at the time of writing.
More Markets exploit targeted its WFLOW lending reserve
More Markets is a decentralized, noncustodial lending protocol deployed on Flow EVM and built using Aave V3 architecture. Its public repository lists nine supported markets and allows users to supply assets for interest, borrow against collateral at variable rates and liquidate positions that fall below required collateral levels.
WFLOW and ankrFLOW are among the assets supported by the protocol. More Markets lists WFLOW with a loan to value ratio of 81.5% and a liquidation threshold of 83%, while ankrFLOW has a 78.5% loan to value ratio and an 81% liquidation threshold.
The protocol’s documentation identifies ankrFLOW as a liquid staking token, or LST, while WFLOW serves as the native wrapped asset within the lending market.
Blockaid specifically tied the attack to an Ankr bonded LST and E Mode, but its initial disclosure did not provide a detailed technical breakdown explaining the sequence used to drain the WFLOW reserve. It remains unclear from the disclosure whether the underlying issue originated in More Markets’ implementation, the way the Ankr asset was handled within the lending protocol, its pricing assumptions, or an interaction between the two components.
Ankr’s documentation describes ankrFLOW as a reward bearing liquid staking token issued when users stake FLOW through its staking service. Its value relative to FLOW increases as staking rewards accumulate, while the number of ankrFLOW tokens held by the user remains unchanged.
Ankr lists separate smart contracts on Flow EVM for the ankrFLOW token, staking pool, staking configuration and ratio feed. The ratio feed contains the token’s ratio certificate, according to its documentation.
The company’s Flow liquid staking documentation says users can deploy ankrFLOW in DeFi applications, including lending markets, to borrow against the value represented by their staked FLOW. Ankr states that the Flow liquid staking contracts on Cadence and EVM underwent external audits by Halborn.
Blockaid had not said that Ankr itself was compromised in the incident. Its disclosure only identified the bonded LST and More Markets’ E Mode mechanism as components used by the attacker.
Flow EVM has remained separate from the attack vector disclosed so far
The Aug. 31 incident targeted an application running on Flow EVM based on the information released by Blockaid, with no indication in the initial disclosure that the Flow blockchain itself had been compromised.
Flow EVM provides an Ethereum compatible environment on Flow, allowing applications written for the Ethereum Virtual Machine to operate on the network. More Markets runs its lending contracts in that environment.
Flow has previously promoted both More Markets and Ankr as applications available to users within its DeFi ecosystem. Its Community Rewards program, for example, offered rewards for activity involving lending protocols such as More Markets and for staking FLOW through Ankr’s liquid staking product.
The distinction between the More Markets incident and a network level exploit is particularly relevant because Flow suffered a separate security breach in late 2025.
As crypto.news previously reported, a Dec. 27 attack exploited a vulnerability in Flow’s Cadence execution layer and allowed an attacker to duplicate fungible tokens before extracting approximately $3.9 million in value.
Flow Foundation’s subsequent post mortem said the attacker deployed more than 40 malicious smart contracts in a coordinated sequence. A flaw in Cadence runtime version 1.8.8 allowed a protected asset that should not have been copyable to be disguised as a standard data structure and duplicated.
More than 1 billion counterfeit FLOW tokens were sent to centralized exchanges during that incident. Flow said 484.4 million FLOW were later returned by OKX, Gate.io and MEXC and destroyed, while the network isolated 98.7% of the remaining counterfeit supply.
Flow previously changed its recovery plan after $3.9 million exploit
The December attack forced Flow validators to halt the blockchain within hours of the first malicious transaction. Flow Foundation initially proposed a full chain rollback, which would have returned the network to a checkpoint before the exploit.
The proposed Flow chain rollback faced opposition from bridge operators and other ecosystem participants. Critics warned that reversing confirmed transactions could produce duplicated balances for users who had moved assets through bridges during the affected period and create losses for users who had bridged assets in.
Flow subsequently abandoned the global rollback and adopted an isolated recovery process designed to identify and destroy counterfeit assets while retaining legitimate transaction history.
During the recovery, developers worked on restoring both Cadence and Flow EVM functionality. Accounts linked to suspicious activity faced temporary restrictions while external forensic firms helped verify affected accounts, with Flow estimating that more than 99.9% of accounts would regain full access once the recovery was completed.
The fallout later extended to South Korea, where Flow Foundation and Dapper Labs sought a court order in March to stop Upbit, Bithumb and Coinone from ending trading support for FLOW. The exchanges had moved toward delisting after the December security incident, while Flow maintained that existing user balances had not been compromised.
For the More Markets attack, Blockaid’s Aug. 31 disclosure remained an initial assessment. The security firm said more details were still being investigated after identifying the 15.5 million WFLOW outflow and the subsequent transaction cluster used to move funds after the exploit.
Crypto World
Will North Korea Allegations Derail Hyperliquid's US Entry Plans?
Wallets tied to North Korea’s Lazarus Group moved more than $30 million in Bitcoin (BTC) through Hyperliquid over three weeks. The activity raises sanctions questions as the exchange pursues US market access.
Emmett Gallic, an analyst at blockchain intelligence firm Arkham, identified the wallets. He cited a 2024 attribution by investigator ZachXBT. The funds converted to Ether (ETH) and Solana (SOL) before reaching centralized exchanges including Kraken, LBank, and KuCoin.
Trump Name-Drops Hyperliquid for US Entry
President Trump named Hyperliquid directly at an August White House event. He credited Commodity Futures Trading Commission (CFTC) Chairman Michael Selig with leading the effort.
“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion, working very hard on that,” Trump said at the event.
HYPE, Hyperliquid’s native token, traded at $84 on the BeInCrypto Markets page. That reflected a 5% gain over 24 hours. The muted move suggests traders have not priced in sanctions risk yet. The token set a record high of $86.71 on August 27, just days before the wallet activity surfaced.
Whether the CFTC treats this as a compliance red flag could shape how quickly Hyperliquid secures a US foothold.
Selig’s CFTC already cleared a Bitcoin perpetual product on a registered exchange this year. That precedent could inform how regulators treat Hyperliquid’s application.
Sanctions Risk Meets a US Regulatory Push
The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the Lazarus Group in 2019. It has been tied to billions of dollars in stolen crypto, including the 2022 Ronin Network breach.
The group has also been linked to the $1.5 billion Bybit hack in 2025, the largest crypto theft on record. BeInCrypto has reported that North Korea-linked actors stole roughly $1.6 billion in crypto in the first half of 2025. That represented roughly 70% of global crypto losses during that period.
The disclosure surfaced as Kraken parent Payward negotiates a regulated US pathway for Hyperliquid through its Bitnomial subsidiary. Payward closed its $550 million Bitnomial deal in May, gaining three CFTC-registered licenses at once.
The post Will North Korea Allegations Derail Hyperliquid's US Entry Plans? appeared first on BeInCrypto.
Crypto World
Trump's Pharma Pricing Deal Expands as Healthcare Stocks Keep Climbing
Healthcare stocks wrapped up their best quarter yet, and UBS says the rally still has room to run. President Trump added nine more pharmaceutical firms to his drug-pricing deal on Monday.
Michael Yee, UBS’s global head of biotechnology equity research, told CNBC the advance reflects a stack of major clinical wins. He said new pricing deals have also calmed fears of a broader industry crackdown.
Nine New Agreements
Trump announced the nine new agreements at the White House on Monday. He said the combined pricing deals struck over the past year would save Americans more than $600 billion.
The nine additional firms are mostly midsize drugmakers, including Alcon, Astellas Pharma, and Teva Pharmaceuticals. The companies pledged $19.6 billion combined toward U.S. manufacturing, according to a White House fact sheet.
They also agreed to offer their drugs to every state Medicaid program at discounted prices.
The White House said 17 companies had already joined the pricing framework over the past year.
“With today’s announcement, we now have 26 companies representing 90% of the domestic pharmaceutical market, and the other 10% are also coming in. They have no choice.”
President Trump, via CBS News
The SPDR S&P Biotech ETF, XBI, has climbed 80% in the last 12 months. That run has outpaced most other equity sectors.
Yee said the pricing deals have proven less onerous than feared, and that they have removed a major source of uncertainty for the sector.
Merck and Revolution Medicines Lead the Charge
Yee named Merck as one of his top picks. The company’s melanoma vaccine, developed with Moderna, met its main trial goals in a large trial. The study included more than 1,100 patients and reported results on August 19.
He also flagged Merck’s antibody-drug conjugate sacituzumab tirumotecan. The drug posted a positive lung cancer trial readout earlier this year. It is now being tested across 17 late-stage studies.
Revolution Medicines was another name Yee highlighted. The Food and Drug Administration approved its pancreatic cancer drug daraxonrasib on August 26. The therapy nearly doubled median survival in a late-stage trial compared with chemotherapy.
Yee also named Bristol Myers Squibb. UBS carries a Buy rating on the stock and expects several late-stage trial readouts before year-end. Those catalysts could help offset revenue lost to patent expirations.
Yee said pharmaceutical companies are sitting on record cash piles. They are pushing more of it into research and development after a multiyear stretch of cheap valuations. Valuations are still not stretched, and Washington’s pricing overhang is easing. Yee said the current move looks more like the start of a longer re-rating than a short-lived bounce.
The post Trump's Pharma Pricing Deal Expands as Healthcare Stocks Keep Climbing appeared first on BeInCrypto.
Crypto World
Kalshi secures exclusive US Open prediction market partnership
Kalshi has secured an exclusive partnership with the U.S. Tennis Association to become the US Open’s prediction market platform partner as the tournament’s main draw gets underway in New York.
Summary
- Kalshi has secured an exclusive deal with the USTA to become the US Open’s prediction market platform partner.
- The agreement took effect immediately after being finalized following the tournament’s qualifying rounds, with financial terms undisclosed.
- The deal restricts rival prediction market platforms from advertising at the US Open venue and across tournament television coverage, according to Front Office Sports.
- Kalshi continues to expand its sports business while fighting state regulators over whether its federally regulated event contracts fall under state gambling laws.
Front Office Sports reported on Aug. 30, citing two people familiar with the agreement, that the partnership took effect immediately after being finalized following last week’s qualifying rounds. Financial terms and other parameters of the agreement were not disclosed.
The deal gives Kalshi an official role at one of tennis’s four Grand Slam tournaments and was completed later than initially planned. The US Open, owned and operated by the USTA, had previously considered waiting until 2027 or later before entering a prediction market partnership.
Kalshi becomes US Open prediction market partner
Discussions in recent weeks had involved multiple prediction market platforms and focused partly on match integrity and potential partnerships beginning next year, Front Office Sports reported.
Plans changed after Craig Tiley took over as USTA CEO on July 20. Tiley played a major role in pushing for an agreement covering the 2026 tournament, according to the report.
One source told Front Office Sports that the arrangement would prevent competing prediction market companies from advertising at the US Open venue and across television coverage of the tournament, including ESPN broadcasts.
The agreement had not yet been fully reflected across the organizations’ public materials when the main draw started Sunday. Kalshi was absent from the US Open’s official partner list as of Sunday afternoon.
A Kalshi blog post published earlier that day analyzing the women’s singles tournament still carried a disclaimer saying the company was “not affiliated with the U.S. Open or WTA,” according to Front Office Sports.
Kalshi already offers a large number of contracts tied to US Open matches. Its tennis markets on Sunday included individual men’s and women’s singles matches, with some contracts recording more than $1 million in trading volume.
The US Open agreement expands a sports strategy that has increasingly put prediction market platforms alongside leagues, teams and major events.
In June, crypto.news previously reported that Kalshi had secured World Cup branding exposure through a partnership with ADI Predictstreet, FIFA’s official prediction market partner for the 2026 tournament. The arrangement placed Kalshi branding alongside ADI Predictstreet across stadium, television and digital coverage beginning with the knockout stage.
Sports partnerships have spread across the prediction market industry. Kalshi and Polymarket have partnerships with the NHL, while Polymarket has worked with Major League Baseball and the New York Yankees. Kalshi has separately announced relationships with MLB clubs including the Atlanta Braves, Boston Red Sox, Los Angeles Dodgers, San Diego Padres and San Francisco Giants.
Novig has moved into the same market through a partnership with the New York Mets, becoming the first prediction market platform to sign an individual MLB team.
Sports contracts drive Kalshi’s expansion
Sports have become a central source of trading activity for Kalshi as the platform expands beyond the political and economic event contracts that helped prediction markets gain attention.
The company’s sports strategy was particularly visible during the FIFA World Cup. Weekly Kalshi trading volume reached a record $5.1 billion in June as activity tied to the tournament increased, while sports-related contracts had become its largest product category, according to previous coverage.
Kalshi has developed compliance systems alongside the expansion. Its sports-market surveillance includes IC360 screening and a prohibited-persons system designed to identify athletes, coaches, referees and league personnel who should not trade certain contracts. The company has paired those controls with its proprietary Poirot detection engine and Solidus Labs’ HALO surveillance platform, as detailed in crypto.news’ examination of prediction market surveillance in July.
The commercial push has continued while courts consider whether sports event contracts offered on federally regulated prediction markets can remain outside state gambling regimes.
Kalshi faces conflicting rulings over sports contracts
Two days before the US Open partnership emerged, Kalshi suffered a setback in its dispute with Nevada gaming regulators.
The Ninth U.S. Circuit Court of Appeals ruled on Aug. 28 that Kalshi had not shown that the Commodity Exchange Act was likely to preempt Nevada gaming regulations as applied to its sports event contracts. The three-judge panel affirmed in part a lower court order dissolving a preliminary injunction that had prevented Nevada from enforcing its laws against Kalshi.
Nevada’s Gaming Control Board had sent Kalshi a cease-and-desist letter alleging that it was operating a sports betting platform in violation of state laws and gaming regulations.
Kalshi argued that it operates as a designated contract market under the Commodity Exchange Act and that the Commodity Futures Trading Commission therefore has exclusive authority over its sports contracts.
The Ninth Circuit rejected Kalshi’s request for preliminary protection from Nevada enforcement. Its ruling found that the sports event contracts at issue did not qualify as swaps under the relevant Commodity Exchange Act definition because they were sports bets. The court remanded issues involving Kalshi’s election contracts to the district court for further consideration.
The decision came after Kalshi and Polymarket had already lost separate efforts connected with state gambling enforcement. In May, a Ninth Circuit panel denied emergency motions involving disputes in Nevada and Washington, finding that a Commodity Exchange Act preemption defense did not by itself establish federal jurisdiction.
Kalshi received a different result in the Third Circuit, which previously upheld preliminary relief preventing New Jersey regulators from enforcing state gambling laws against its sports contracts. The court found Kalshi had demonstrated a reasonable chance of succeeding on its argument that the contracts were swaps covered by federal derivatives law.
New York has produced another unfavorable ruling for the company. A federal judge in July rejected Kalshi’s injunction bid, leaving the state’s gambling-law claims against its sports event contracts in place while the litigation proceeds.
State and local challenges have continued during August. Baltimore sued Kalshi and Polymarket on Aug. 13 over alleged unlicensed sports betting, with the Kalshi complaint naming Coinbase, Robinhood and Webull because the platforms distribute its event contracts to their customers.
Baltimore alleged that contracts covering game winners, point spreads and player performances operate like sports wagers without the licenses and consumer protections required under state law. Kalshi rejected that characterization and maintained that its federal regulatory status permits it to offer the contracts.
The city is seeking statutory penalties, customer restitution and disgorgement of proceeds it alleges came from unlawful activity, along with an order preventing the companies from offering unauthorized sports betting to Baltimore residents.
Crypto World
Robinhood Chain app revenue tops Ethereum in 24 hours
Robinhood Chain recorded $2.66 million in application revenue over 24 hours on Aug. 31, according to a rolling DeFiLlama dashboard.
Summary
- Robinhood Chain recorded $2.66 million in rolling daily app revenue during the cited DeFiLlama snapshot.
- That snapshot placed Robinhood Chain above Hyperliquid, Ethereum and Base for aggregated application revenue temporarily.
- GMGN, Pons and Uniswap generated approximately 93% of Robinhood Chain’s measured daily application revenue combined.
- Rolling twenty-four-hour figures change continuously as new activity enters and older transactions leave calculation windows.
- App revenue measures earnings retained by protocols, not revenue received directly by Robinhood’s corporate business.
The reading placed the network above Hyperliquid L1 at $1.71 million, Ethereum at $1.57 million and Base at approximately $439,252. Robinhood Chain’s total was roughly 6.1 times Base’s figure during the same snapshot.
The dashboard had shown lower totals earlier in the day. That difference reflects the rolling measurement window rather than a correction or separately reported financial result.
Robinhood Chain app revenue led the snapshot
DeFiLlama’s dashboard aggregates revenue retained by applications operating on each network. Its Robinhood Chain reading increased 201% from the previous week and reached $23.23 million over 30 days.

However, the 30-day comparison presented a different ranking. Hyperliquid L1 recorded $53.6 million, while Ethereum generated $52.03 million. Robinhood Chain therefore led the daily snapshot but remained behind both networks over the longer period.
The comparison also does not mean Robinhood Markets earned more revenue than Ethereum or Hyperliquid. Application revenue belongs to individual protocols and may include several measurement methods, depending on how each service collects fees.
Three applications generated about 93% of revenue
GMGN led Robinhood Chain applications with approximately $1.11 million in 24-hour revenue. DeFiLlama defines that figure as trading fees retained by GMGN after referral commissions. Its EVM referral deduction is partly estimated using the rate measured on Solana.
Pons followed with approximately $1.03 million. Its total includes launch fees and portions of swap fees retained by the protocol. Uniswap ranked third with about $327,707.
Together, the three applications generated nearly $2.47 million, equivalent to approximately 93% of Robinhood Chain’s reported total. The concentration shows that the daily result depended heavily on trading bots, token launches and decentralized exchange activity.
Pons has been expanding its Robinhood Chain presence through an ETH-based bonding curve and Uniswap v4 integration
App revenue differs from blockchain revenue
Application revenue measures fees retained by protocols after payments to liquidity providers, referrers or other participants. It differs from gross user fees, transaction volume and revenue retained by the underlying blockchain.
DeFiLlama separately estimated Robinhood Chain’s own 24-hour revenue at about $963,612. Its definition covers transaction gas fees after Ethereum execution costs, blob costs and the Arbitrum Expansion Program share.
The distinction matters because Robinhood Chain is an Ethereum-compatible Layer 2 built with Arbitrum technology. Robinhood launched its public mainnet on July 1 for tokenized assets and decentralized financial applications.
Uniswap became one of its main liquidity venues at launch. In related coverage, crypto.news reported that cumulative tokenized-stock trading through Uniswap had surpassed $1 billion by Aug. 21.
Longer data will test whether the lead continues
Robinhood Chain would need to maintain stronger seven-day and 30-day results before the daily reading could indicate a sustained change in network rankings. Daily revenue can rise sharply during token launches or periods of concentrated speculative trading.
Future assessments should examine whether revenue spreads across more applications, whether active users continue returning and whether transaction activity persists without short-term incentives. GMGN and Pons currently account for most of the total, making the network sensitive to changes in either platform.
The earlier $1.84 million reading and the later $2.66 million total demonstrate how quickly a rolling dashboard can change. Articles comparing networks should therefore identify the measurement time and avoid presenting the figure as a completed financial period.
Crypto World
Polygon fixes validator security flaws with Austin and Kyoto forks
Polygon Labs has patched several security flaws across its proof-of-stake network through two coordinated hard forks, including a vulnerability that could have forced the full validator set to perform costly processing from a single crafted transaction.
Summary
- Polygon patched several PoS security vulnerabilities through the Austin and Kyoto hard forks before publicly disclosing the fixes.
- The Austin fork closed two denial of service paths, including one that could let a malicious block producer crash peer nodes.
- The Kyoto fork fixed a flaw that could force Polygon’s validator set to perform costly processing from a single crafted transaction.
- Polygon said none of the vulnerabilities were exploited on mainnet, while both upgrades are now mandatory for node operators.
Polygon’s Validators Support Team disclosed the fixes in an Aug. 27 forum post after the Austin and Kyoto hard forks had already been tested and activated. The team said consensus-affecting security fixes were deployed privately, validated on the Amoy testnet and disclosed only after the mainnet fleet was protected.
The vulnerabilities affected Bor, Polygon PoS’s execution client, and Heimdall, which handles validator coordination and other consensus functions. Polygon said it found no evidence that any of the issues had been exploited or caused disruption on mainnet.
Polygon hard forks close block processing flaws
The Austin hard fork upgraded Bor to version 2.10.0 and addressed two denial-of-service paths tied to block processing.
One involved state-sync events used for L1-to-L2 bridge deposits. Such events can execute contract code and precompiles, but their execution was not subject to an effective per-block gas bound. Austin introduced a limit on how much gas state-sync events can consume within a block, preventing them from exhausting processing resources.
A separate weakness involved TxDependency data used during block processing. A malicious block producer could supply an oversized data field, potentially causing excessive memory allocation and crashing peers processing the block.
Polygon described both issues as block-processing denial-of-service vectors instead of consensus-correctness flaws and said neither had caused known disruption before the patches were deployed.
The Kyoto hard fork, which moved Heimdall to version 0.11.0, covered a larger group of input-validation and consensus-hardening fixes.
Among them, Polygon identified deeply nested google.protobuf.Any fields as the most severe vulnerability in the batch. Heimdall transactions can wrap messages inside Any fields, which in turn can be nested inside one another.
Without a depth limit, an attacker could construct a transaction containing deeply nested fields at relatively little cost while forcing every validator processing it to carry out substantial decoding work. Polygon said the flaw provided a permissionless route for imposing costly, coordinated processing across the validator set.
Kyoto added a byte-level scan that rejects transactions once nesting exceeds a defined threshold. The check applies at both mempool admission and the consensus processing stage so the same transaction cannot be accepted through one path and rejected through another.
Other Heimdall fixes covered milestone accounting, checkpoint processing and L1 event replay. Failed future-span creation can now degrade and retry at the next boundary instead of blocking a milestone commit, while new replay keys address an edge case in which distinct L1 events could otherwise collide.
Older Polygon nodes have fallen out of consensus
Both hard forks are mandatory for operators that want to remain on the canonical Polygon PoS network.
Bor v2.10.0 is required for all nodes, while Heimdall v0.11.0 applies to validators and full nodes. Polygon said operators running versions from before the activation heights have already forked away from canonical consensus and must update their software to rejoin the network.
The changes were delivered as binary upgrades, meaning operators do not need to migrate state, modify the genesis configuration or perform a full resync. Nodes that have fallen out of consensus can upgrade and roll back to the appropriate pre-hard-fork height before catching up with the canonical chain.
Polygon has previously used hard forks to address problems affecting its PoS infrastructure. In September 2025, developers executed a hard fork after a software bug caused transaction finality delays of as much as 15 minutes.
The earlier incident affected validator synchronization and local fast finality while block production and Ethereum checkpointing continued. Bor and Heimdall updates were deployed to restore milestone processing, state synchronization and consensus finalization.
A month later, the Rio mainnet upgrade introduced witness-based stateless validation and a Validator-Elected Block Producer model as Polygon continued changing how its PoS network processes and verifies transactions.
Polygon has continued changing its PoS infrastructure
Network performance remained another focus in 2026. In May, crypto.news previously reported that Polygon had reduced block time to an average of 1.75 seconds, its first block-time reduction since launch.
Polygon software engineer Lucca Martins said at the time that the change raised theoretical throughput to roughly 3,260 transactions per second and allowed the network to process about 14% more payments per second. The work formed part of Polygon’s push to support higher transaction volumes from stablecoin payments and decentralized finance activity.
The latest security fixes arrived after Polygon completed the replacement of MATIC with POL as the native gas and staking token on its PoS network. The migration began in September 2024 as part of the Polygon 2.0 roadmap, with MATIC held directly on Polygon PoS converted to POL at a one-to-one ratio.
The original MATIC-to-POL plan designated POL as the token used for gas payments and staking, while its proposed functions were expected to expand as Polygon developed its staking and aggregated-chain architecture.
Changes have extended to Polygon Labs itself. In July, the company cut another round of jobs while completing the integration of crypto exchange Coinme. CEO Marc Boiron said the restructuring was designed to support profitability by 2027 as Polygon Labs moved toward a payments-focused business model.
POL showed little positive reaction to the security disclosure. The token was trading near $0.09983 on Aug. 30, down about 2.3% over the previous 24 hours and 6.8% over seven days, according to CoinGecko data provided with the report. Its price remained about 60.8% lower than a year earlier, giving the token a market capitalization of roughly $1.07 billion.
Crypto World
Brazil Suspends Pro-Bitcoin Candidate Renan Santos's Campaign, Freezes R$3.3M Fund
Brazil’s top electoral court, the Tribunal Superior Eleitoral (TSE), suspended presidential candidate Renan Santos’s digital campaign and froze R$3.3 million (roughly $640,000 USD) in public funds on August 31, weeks after he became the only contender to publicly back a national Bitcoin reserve.
Justice Dias Toffoli barred Santos and running mate Aroldo Medina from debates and ruled that 16 campaign social media profiles, declared 12 days after the campaign’s registration filing, cannot carry paid political ads.
The Bitcoin pledge behind the ruling
Santos, 42, made the Bitcoin reserve pledge on August 13 at Blockchain Rio 2026. He also promised to make Rio de Janeiro “crypto friendly” and to scrap the Tax on Financial Operations (IOF). He called Brazil’s crypto rules outdated and overly centralized.
The pitch puts him in company with Bukele’s Bitcoin-reserve model in El Salvador and Milei’s crypto embrace in Argentina. It also echoes Colombia’s recent election of a pro-crypto president, part of a broader rightward, crypto-friendly shift across Latin America.
Santos called the ruling against his campaign censorship and said his lawyers would seek an injunction from TSE president Nunes Marques.
The suspension landed the same morning The Economist profiled his candidacy as a possible Milei-style moment for Brazil.
What the ruling blocks
The order, signed Sunday and released Monday, halts new disbursements from the Special Campaign Financing Fund (FEFC), Brazil’s public election-financing pool, and bars the ticket from radio, television, and podcast debates.
Violations carry a R$50,000 (just under $ 10,000 USD) fine per ad or debate appearance. Toffoli also ordered platforms to pull the 16 profiles from recommendation algorithms or pay R$10,000 ($2,000 USD) per hour, per profile.
Officially declared digital campaign accounts are excluded from recommendation algorithms during the race, but his party’s (Missão’s) undeclared profiles remained eligible. One account with 2.4 million followers kept appearing in suggested-profile feeds alongside other candidates, Toffoli said.
Street campaigning continues, and the single website and X account Santos originally registered remain active. The candidacy itself was not thrown out.
The Mission Party, formed in 2025, is also fielding 57 congressional candidates alongside Santos.
Brazilians vote on October 4.
The post Brazil Suspends Pro-Bitcoin Candidate Renan Santos's Campaign, Freezes R$3.3M Fund appeared first on BeInCrypto.
Crypto World
Trump Let Him Out of Prison, Now He's Banned for Life From Trading
Kalshi has issued former congressman George Santos its first-ever lifetime trading ban. The platform fined him more than $70,000 for manipulating a market tied to his own State of the Union attendance.
The ban lands less than a year after Trump commuted Santos’s seven-year prison sentence. He walked free after serving less than three months.
A Congressman Undone by His Own Story
Santos won New York’s third congressional district in 2022. Reporters then found he had fabricated his education and employment history.
He also lied about parts of his family background. Federal prosecutors later charged him with misusing campaign funds and stealing identities.
The House expelled him in December 2023. He became only the sixth member ever removed from Congress.
He pleaded guilty to wire fraud and aggravated identity theft. A judge sentenced him to 87 months in prison. Trump commuted that sentence in October, wiping out the remaining term along with fines and probation.
“George Santos was somewhat of a ‘rogue,’ but there are many rogues throughout our Country that aren’t forced to serve seven years in prison.”
Trump wrote that in a Truth Social post announcing the commutation. However, Trump had never endorsed Santos’s 2022 campaign for Congress. In that same post, he praised Santos’s party loyalty as reason enough for clemency.
Lifetime Trading Ban Follows Insider Trading Allegations
Kalshi is a federally regulated prediction market. It flagged unusual activity in Santos’s account on a contract betting on his own State of the Union attendance.
Between February 2 and 25, Santos placed large bets on that contract.
He also made public statements that misstated his plans. Those statements moved the contract’s price.
Santos ultimately profited nearly $17,840. He wagered against his own attendance, then skipped the event.
Kalshi gave him a permanent ban, in contrast to the temporary suspensions given four other recent cases. He had refused to cooperate with its investigation.
Meanwhile, Santos had already agreed in July to pay $35,000. That settled a Commodity Futures Trading Commission (CFTC) probe into the same trades, detailed in Santos’s earlier CFTC fine.
Santos thanked Kalshi for the ban on social media. He also mocked the platform’s own longevity.
The case follows Kalshi’s earlier staffer penalty for similar Trump speech bets. That signals prediction markets are tightening their oversight.
The post Trump Let Him Out of Prison, Now He's Banned for Life From Trading appeared first on BeInCrypto.
Crypto World
Four things worth knowing before choosing a Solana DEX
On Aug. 21, 2026, decentralized exchanges across the chains tracked by DeFiLlama processed about $10.5 billion in spot volume over 24 hours.
Summary
- Solana handled about $48.5 billion in monthly decentralized exchange volume, according to DeFiLlama data reviewed.
- Five leading venues generated roughly 62% of daily volume, showing liquidity remained highly concentrated overall.
- Low network fees support frequent trading, but priority auctions can raise execution costs during congestion.
- AMMs, order books and hybrid venues offer different tradeoffs involving depth, transparency, execution and custody.
- Traders should examine pair-specific depth, slippage, incentives and custody arrangements before routing large orders onchain.
Solana accounted for roughly $2.8 billion. The picture was similar over 30 days: $48.5 billion of the market’s $181.2 billion total, or just under 27%.

That is a large share for one layer-1 network, but the headline figure does not tell traders where they can get a reliable fill.
Aggregate volume measures how much value changed hands, not where usable liquidity sits. On the same day, PumpSwap processed about $485 million, BisonFi $466 million, Orca $307 million, Raydium $260 million and Manifest $218 million. Together, those five venues handled roughly $1.74 billion, or 62% of Solana’s total. Dozens of other protocols shared the remainder. The practical question is therefore not how many pairs a DEX lists. It is whether the venue can absorb a specific order when the trader needs to execute, and how much slippage appears when it cannot. SOL is not limited to Solana-based venues either; it also trades as a perpetual contract on platforms built on other networks, including Arbitrum.
1. The fee model quietly shapes how people trade
Solana’s cost structure is unusual enough to change behavior. Every transaction pays a base fee of 5,000 lamports per signature, with an optional prioritization fee priced in micro-lamports per compute unit, as the protocol documentation lays out. At current prices the base component rounds to fractions of a cent.
Those low costs influence trading in two distinct ways.
The advantage is straightforward. Cheap transactions make frequent retail trading possible where the same strategy could be uneconomical on Ethereum mainnet. Splitting a position into 15 smaller orders adds little network cost.
The drawback becomes clearer during congestion. Cheap failed transactions also make it inexpensive to flood the network. Priority fees can then become the real cost of getting a transaction included, with traders competing in an auction they may not win. Anyone budgeting only for the base fee can face delays or failed execution when timing matters most.
2. Volume charts have three blind spots
Routing can inflate totals. An aggregator may split one order across several pools. Each venue records the portion it fills, while the aggregator may also record the complete trade. The activity is genuine, but adding every reported figure can count the same order more than once.
Incentives can make liquidity look more durable than it is. Volume attracted by token rewards often leaves when those rewards end. A busy pool can become much thinner within a quarter, while historical charts offer little warning.
MEV creates another hidden cost. A large order submitted to a public mempool can attract sandwiching, backrunning and priority-fee competition. The loss does not appear as a separate charge; it appears in a worse execution price.
Onchain volume remains useful, but it should be treated as a starting point rather than a final verdict.

3. Automated market makers and order books are answering different questions
Most of the Solana venues above are variations on the constant-product idea Uniswap popularized, where a pool prices assets against a formula instead of against resting bids and offers, a mechanic the protocol’s own documentation still describes more clearly than anyone else has managed. It works remarkably well for long-tail assets, because a pool can exist for a token nobody would bother quoting by hand.
The limitation is depth. Price impact on an AMM rises as an order consumes more of a pool, and liquidity outside leading pairs can be thinner than the interface suggests. Order books reverse that tradeoff: they can offer stronger execution where market makers are active, but may have little usable depth elsewhere.
Derivatives venues concentrate liquidity differently from spot exchanges. Perpetual platforms focus activity in a smaller group of heavily traded contracts instead of spreading it across thousands of tokens. A BTC or SOL perpetual order book can therefore be deeper than a spot market for the same asset. Some hybrid platforms match orders offchain and settle them onchain, aiming to provide order-book execution without requiring users to give up custody.
4. The decentralization question does not resolve itself
The Bank for International Settlements made an argument back in its December 2021 Quarterly Review that has aged well: DeFi protocols exhibit what the authors called a decentralization illusion, since governance, sequencing and upgrade authority almost always concentrate somewhere identifiable.
Five years later, Solana’s DEX market offers a useful example. Its settlement layer is permissionless, but liquidity remains concentrated, a few aggregators route much of the order flow, and incentive programs controlled by small teams can shape activity. This is not evidence that the network has failed to decentralize. It shows that a decentralized ledger does not automatically create a decentralized market structure.
How the three venue models compare
Venue type
How the price is set
Best at
Where it breaks
AMM pool
A formula against pool reserves
Long-tail tokens nobody quotes by hand
Price impact grows fast with size
On-chain order book
Resting bids and offers
Transparent, verifiable matching
Thin books outside the top pairs
Hybrid perpetual venue
Off-chain matching, on-chain settlement
Depth concentrated in a few contracts
The matching engine is not public
What to check before routing a large order
Check depth, not just volume. Review the order book or pool reserves for the exact pair and model the expected fill at the intended trade size. Two venues with similar daily volume can produce very different results.
Separate protocol fees from network fees. Solana’s network fee may be small, but venue charges, spreads and price impact can still materially change the final cost.
Identify the source of liquidity. Organic market-maker activity can behave differently under stress from liquidity attracted mainly by temporary rewards.
Understand the custody model. Assets held in an exit-ready smart contract present different risks from collateral placed with an intermediary whose balance sheet cannot be inspected. Execution quality does not answer the custody question.
Test the venue against difficult conditions. A market can look deep during calm trading and deteriorate quickly during a sharp hourly move.
Solana’s onchain trading market has earned a large share of decentralized exchange activity. Still, a chain processing $48 billion in monthly volume does not prove that every venue can handle every order. Traders need pair-specific evidence before choosing where to execute.
Trading-volume data: DeFiLlama, retrieved Aug. 21, 2026.
Crypto World
Tether CEO backs stablecoins over tokenized deposits as BIS raises risks
Tether CEO Paolo Ardoino has challenged the Bank for International Settlements’ preference for tokenized bank deposits, arguing that fully reserved stablecoins give users a stronger alternative to money held under fractional reserve banking.
Summary
- Tether CEO Paolo Ardoino challenged the BIS preference for tokenized bank deposits, arguing that fully reserved stablecoins offer users a safer alternative.
- BIS chief Pablo Hernández de Cos said stablecoins face problems with redeemability, interoperability, financial integrity and monetary sovereignty.
- Ardoino questioned why savers would keep money in fractional reserve products when stablecoins can hold reserves in liquid assets such as U.S. Treasuries.
- The debate has reached U.S. lawmakers as banking groups warn that stablecoin rewards could pull deposits from banks and reduce funds available for lending.
The Bank for International Settlements laid out the case for tokenized deposits on Aug. 28, when General Manager Pablo Hernández de Cos told the Jackson Hole Economic Symposium that stablecoins still fall short of several properties needed to function as money at scale. Ardoino responded by questioning why savers would choose bank deposits when stablecoins can hold reserves in highly liquid assets such as U.S. Treasuries.
“BIS is rightfully worried about the fact that stablecoins are exposing the emperor without clothes,” Ardoino said. “Why someone should choose to put his savings into a fractional reserve product while stablecoins are fully reserved?”
Tether CEO challenges the BIS case for tokenized deposits
Hernández de Cos argued that stablecoins face problems with redeemability at par, interoperability and financial integrity, while their use outside the United States can create concerns over monetary sovereignty and digital dollarization.
In the BIS model, tokenized deposits remain liabilities of commercial banks and settle through central bank accounts. De Cos said this structure preserves the “singleness” of money because different bank liabilities remain redeemable at par through central bank settlement.
Stablecoins work differently. A user holding USDT who needs to pay someone accepting only USDC may first need to exchange one token for the other in a secondary market, where prices can deviate from their dollar pegs, particularly during periods of stress.
Public blockchains create another concern for the BIS. Stablecoins can circulate across multiple networks and through self-custody wallets, while moving the same asset between chains can require bridges or other infrastructure. De Cos argued that this structure creates interoperability problems and makes consistent enforcement of anti-money laundering and counterterrorism financing controls more difficult.
Ardoino focused his response on the reserve structure behind the two forms of digital money. The Tether executive argued that stablecoins can be backed almost entirely by liquid reserves, including U.S. government debt, while commercial banks operate under a fractional reserve system in which only part of their liabilities are held in liquid assets.
His comments put the reserve question at the center of a debate that has increasingly divided stablecoin issuers and the banking sector as both compete to move fiat-denominated money onto blockchain networks.
Crypto.news recently examined how a tokenized bank deposit remains on the issuing bank’s balance sheet even after being represented on a blockchain. Unlike stablecoins, customer funds do not move into a separate reserve portfolio and can remain available to support the bank’s lending operations.
Tokenized deposits are moving beyond pilot programs
Banks have started building infrastructure around that model as stablecoins take a larger role in digital payments.
JPMorgan Chase, Bank of America, Citigroup and Wells Fargo are developing a shared deposit token network through The Clearing House, with a launch targeted for the first half of 2027. The planned system would initially give multinational companies access to programmable treasury and cross-border payment services.
SWIFT has pursued a similar route. In July, the financial messaging network launched a blockchain-based shared ledger with 17 major banks, including Citi, HSBC, UBS and BNP Paribas. The system was designed around tokenized bank deposits for round-the-clock cross-border payments.
Custodia Bank and Vantage Bank have taken a different approach by combining the two structures. Their dual-purpose token model is designed to operate as a bank deposit while inside the Hazel network and function as a stablecoin when transferred outside it. The Ethereum-based system has been under testing ahead of a planned fourth-quarter 2026 rollout.
Despite supporting tokenized deposits, Hernández de Cos acknowledged that the model has its own unresolved problems. No multi-bank or cross-jurisdictional ecosystem currently issues tokenized deposits through a fully interoperable framework, he said. Existing systems remain concentrated on permissioned platforms, while some designs resemble bank-issued stablecoins.
The BIS chief said stablecoins and tokenized deposits could ultimately coexist, but argued that tokenized deposits should handle most everyday payments while stablecoins serve more specialized functions.
Stablecoin growth raises the deposit flight question
Ardoino’s criticism comes as the competition for deposits has become part of the U.S. debate over crypto market structure.
Banking groups have repeatedly pushed lawmakers to tighten stablecoin reward provisions in the Digital Asset Market Clarity Act. In July, the American Bankers Association, Independent Community Bankers of America and 76 state banking associations urged Senate leaders to revise Section 404 before the legislation reached the Senate floor.
The groups argued that allowing crypto platforms to provide certain rewards on stablecoin balances could encourage customers to move funds out of traditional bank accounts. Under that argument, deposit losses could leave community banks with less funding available for lending.
Citigroup CEO Jane Fraser repeated the concern in August while supporting passage of the CLARITY Act. Fraser warned that stablecoin rewards could draw deposits away from banks and affect their ability to extend credit.
The dispute partly traces back to the GENIUS Act, which prevents payment stablecoin issuers from directly paying interest or yield to holders. Crypto exchanges and other service providers can still offer some rewards depending on how their programs are structured, leaving lawmakers and banking groups divided over where the restrictions should apply.
Hernández de Cos raised a similar funding issue at Jackson Hole. Stablecoin issuers can increase demand for government debt by placing reserves into Treasury securities, potentially lowering sovereign borrowing costs, he said. At the same time, money leaving commercial bank deposits could increase bank funding costs and eventually raise borrowing costs for households and companies.
Ardoino presented the same movement of funds from the opposite perspective.
“What happens to financial system if people start realizing that stablecoins are safer and move their savings into the better asset class?” he said. “We’re in the Find Out phase.”
USDT remains the largest stablecoin by circulation and has developed a substantial user base outside the United States. Ardoino has repeatedly positioned the token as a dollar-based savings and payments product for markets where access to U.S. dollars or conventional banking services can be limited.
Tether has pursued that market through payment and remittance investments, including its May investment in cross-border platform LemFi, which serves users across African and Asian remittance corridors.
Ardoino said some economies now rely heavily on USDT for both domestic and foreign commerce, while the BIS has warned that increasing use of dollar-denominated stablecoins outside the United States could weaken monetary policy transmission and increase dependence on external monetary conditions.
Crypto World
FT Mining offers cloud mining without buying hardware
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
A common misconception in the realm of cryptocurrency investment is that making money through mining requires an understanding of complex blockchain technology and the purchase of expensive mining hardware.
However, the launch of FT mining—a cloud mining service—has completely shattered this barrier to entry. Now, even ordinary individuals with no knowledge of mining equipment can easily participate in cryptocurrency mining and generate stable passive income.
For many ordinary users, cryptocurrency mining still sounds like a “high-barrier-to-entry technical job for professional engineers and mining farms.” However, now, through FT mining, even those completely unfamiliar with mining rigs and algorithms, and without the need for hardware or maintenance, can easily participate in mining.
Legitimate and Regulated Cloud Mining Services
Headquartered in England and regulated by the UK Financial Conduct Authority (FCA), FT mining operates in full compliance with the EU’s MiFID II financial regulatory framework, ensuring:
- Transparent and lawful platform operations
- Secure and reliable custody of user funds
- Daily settlement and traceability of mining returns
Furthermore, the platform holds annual security certification from PwC, and its digital asset custody is underwritten by Lloyd’s of London, guaranteeing full protection for user assets even in extreme scenarios. CEO Faye Victoria Thompson stated:
“FT mining aims to enable users to generate stable passive income within a legitimate and secure environment; we prioritize the safety of user funds above all else, regardless of market volatility or technical threats.”
FT mining Cloud Mining Model: No mining hardware required—start with a single click.
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Comprehensive Fund Security Safeguards
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Real Feedback from Global Users
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Start Your Passive Income Journey
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