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Crypto Trader Banks $250M on Trump-Linked WLFI Token After $38M Plasma Win

by admin September 2, 2025

A trader who made $38 million trading last week’s plasma (XPL) volatility secured another heft payday on Monday, profiting $250 million on the release world liberty financial (WLFI), a decentralized finance (DeFi) token linked to U.S. president Donald Trump’s family.

Etherscan data shows that the wallet in question, belonging to a trader known on derivatives platform HyperLiquid and X as Techno Revenant, invested $15 million in the WLFI token sale last year before being distributed 1% of the total supply on Monday, worth around $250 million.

The nine-digit score comes after the trader made $38 million on HyperLiquid last week, trading XPL as it spiked and wiped out $130 million in open interest on the futures market.

XPL/USD (TradingView)

WLFI began trading on Monday, spiking to 40 cents before retreating to 25 cents in a rollercoaster session that experienced more than $5 billion in trading volume.

While Techno Revenant calmly collected a $250 million payday, others were not as lucky as hackers ran a targeted phishing campaign against WLFI token holders.

Security experts labeled it a “classic EIP-7702 phishing exploit” as hackers exploited a loophole tied to Ethereum’s recent Pectra upgrade.

Read more: Holders of Trump’s Crypto Token Targeted by Hackers in Phishing Exploit

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September 2, 2025 0 comments

GameFi Guides

U.S. banks move to amend GENIUS stablecoin Act over “loophole”

by admin August 25, 2025

Major banking groups in the United States are pushing to change certain provisions of the recently passed GENIUS stablecoin Act, citing concerns over aspects of the law that could affect the traditional financial industry.

Summary

U.S. banking groups are lobbying lawmakers to reconsider certain provisions of the GENIUS stablecoin Act.
Banks argue that the current structure creates an uneven playing field that could threaten the future of traditional financial institutions.
Crypto industry groups have pushed back, stating that the provisions are a necessary feature to support innovation and maintain consumer choice.

On Aug. 25, the Financial Times reported that U.S. banking groups are actively lobbying lawmakers to reconsider certain provisions of the GENIUS legislation.

Passed earlier in July, the GENIUS Act marked the first official stablecoin law in the United States, set out to regulate the billion-dollar market and maintain the country’s dominance in the sector. Part of the regulation prevents issuers from directly paying interest or yield to stablecoin holders, a measure intended to protect stability in the system.

This provision means that while banks can issue their own stablecoins, they are prohibited from offering any interest. In contrast, crypto exchanges can still provide rewards to holders of third-party stablecoins, such as Circle’s USDC (USD Coin) or Tether (Tether). The groups describe this provision as a “loophole” that indirectly favors crypto exchanges over traditional banks, warning that it could prompt customers to shift deposits from banks to platforms offering higher returns, creating an uneven playing field.

The groups cited an April Treasury report that estimated stablecoins offering yield could move as much as $6.6 trillion away from the traditional banking system, warning that such outflows could jeopardize the stability of the banking sector.

However, representatives from the crypto industry have reportedly pushed back against the banks’ campaign, arguing that the concerns are overstated.

Crypto industry pushback: GENIUS Act “loophole” is not a flaw

Advocacy groups, including the Crypto Council for Innovation and the Blockchain Association, have argued that the “loophole” described in the GENIUS Act by the banks is not a flaw, but a necessary feature to maintain competition and innovation in the sector.

They contend that restricting exchanges from offering rewards to stablecoin holders would unfairly protect banks while limiting consumer choice. Industry figures like Coinbase’s chief legal officer, Paul Grewal, have also condemned the concerns, emphasizing that the industry should be allowed to evolve without unnecessary restrictions.

The GENIUS stablecoin has been celebrated as a regulatory milestone for the industry, championing the long-awaited clarity for the asset class. However, the ongoing dispute underscores the tensions emerging as rules take shape, highlighting the need for a careful balance to ensure both innovation and stability.

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August 25, 2025 0 comments

Crypto Trends

South Korean Banks To Talk Stablecoins With Tether, Circle

by admin August 23, 2025

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

South Korea’s biggest banks are reportedly in talks with Tether and Circle to discuss potential stablecoin partnerships and distribution in the country.

Four Major South Korean Financial Groups Looking Into Stablecoins

As reported by YonHap, major South Korean financial groups will see their top executives meeting with Tether and Circle this week. Tether and Circle are the issuers of the two largest stablecoins: USDT and USDC, respectively.

Stablecoins are cryptocurrencies that have their price pegged to a fiat currency. This means that unlike assets such as Bitcoin, these tokens normally don’t face any major fluctuations, hence the “stable” in their name.

South Korea has been making a push toward digital assets and stablecoins under the leadership of pro-crypto President Lee Jae Myung. One of the promises made by the President was to establish a market for Korean won-based stablecoins. The country’s financial regulator is expected to release its stablecoin framework in October, as Bitcoinist reported earlier in the week.

Now, it seems major players in the country are also laying the groundwork for diving into the space. As per the report, Shinhan Financial Group CEO Jin Ok-dong and Hana Financial Group CEO Ham Young-joo are set to have separate meetings with Heath Tarbert, the president of Circle, on Friday. The latter is also expected to meet with a Tether official.

Two other big financial groups, KB Financial Group and Woori Bank, will also see executives meeting with Tarbert, but the details of their talks aren’t yet known to the public.

YonHap notes,

The banking heads are expected to discuss areas of partnership, including the distribution and transactions of dollar-pegged stablecoins in South Korea, as well as the issuance of won-backed stablecoins.

Elsewhere in Asia, Hong Kong launched its legislation on stables at the start of this month. Big names like Standard Chartered in its joint-venture have lined up to obtain an issuer license in the city.

Speaking of stablecoins, on-chain data shows the Tron network has observed huge shifts from USDT mega wallets in the past day, as explained by an analyst in a CryptoQuant Quicktake post.

The trend in the distribution of the daily USDT transfers across wallet groups on the Tron network | Source: CryptoQuant

As the above chart displays, 57% of the latest USDT transactions on the blockchain involved a size greater than $100 million, indicating elevated activity from institutional-grade entities. In total, the largest of USDT wallets on Tron have seen a balance change of a whopping $6.95 billion alongside these transactions.

BTC Price

Bitcoin fell under $112,000 earlier in the day, but it appears the cryptocurrency has found a slight rebound as its price is back at $113,700.

Looks like the price of the coin has been sliding down in recent days | Source: BTCUSDT on TradingView

Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

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August 23, 2025 0 comments