🇺🇸🇨🇳BREAKING: The White House accuses over 40 countries of running a "Great Transshipment Scam" to help China dodge US tariffs. The report claims up to $75 BILLION in Chinese goods are relabeled and rerouted through allies including Mexico, Canada and Japan each year.
🚨 LATEST: The Blockchain Association has backed Custodia Bank’s Supreme Court bid for direct access to the Federal Reserve’s payment system.
Ultrafast mode is +1,300% faster on GPT-5.6 Sol. Insane. I made a post last week about how we're entering the era of AI cost efficiency and speed. For the past year, AI labs have been primarily focused on pure intelligence. I have no doubt that LLM intelligence will continue to make huge leaps, but what's becoming increasingly important is cost/speed. The models are good enough for 95% of daily use cases, but they're either a) too slow or b) too expensive These problems should be solved soon.
COINDESK DAILY: Kalshi is in talks to raise $750M at a $40B valuation, Delio CEO gets 15 years in prison for a $50 million fraud, and Metaplanet launches a new bitcoin-backed bond program. @JennSanasie has what you need to know.
USENIX Security '26 Study Identifies 65,000+ High-Risk Crypto Addresses Linked to $574.8M in Losses A study presented at USENIX Security '26 identified 65,340 high-risk cryptocurrency addresses involved in abuse across Ethereum and BNB Chain, with estimated losses exceeding $574.8 million. The addresses were linked to the loss of 126,982.94 ETH and 17,726.7 BNB. Researchers identified two attack vectors that directly caused about $15.7 million in losses. One involved the misuse of contract accounts and deterministic contract addresses, while the other exploited EIP-7702 by redirecting compromised accounts to malicious code that could transfer funds. The study analyzed historical data from GitHub repositories and extracted more than 16.3 million unique private keys to identify affected addresses, with a reported detection accuracy of 99.11%.
JUST IN: 🇺🇸🇨🇳 US accuses over 40 countries including Japan, Canada, and Mexico of helping China illegally bypass US tariffs.
🇺🇸JUST IN: The SEC delays its 24/7 tokenized stock exemption AGAIN, this time to protect the CLARITY Act. The exemption is on hold partly because it could upset the hard-fought compromise on the bill's tokenization section, per Eleanor Terrett. Friday's SEC meeting still goes ahead at 10 AM ET, with the agency set to propose "Regulation Crypto Assets" for crypto fundraising.
⚡️ JUST IN: KPMG U.S issues Tether the largest inaugural financial audit in its history. Every gold bar was physically counted, with reserves exceeding liabilities by $6.814 billion.
THE BLOCK: Google ad phishing scam drains $550,000 in $USDC from Hyperliquid user, security specialist says. Malicious search ads have long targeted crypto users. In April, Security Alliance said it blocked 356 malicious Google ad URLs over several weeks, including 17 impersonating Hyperliquid.
Not a great month for hardware wallets. Trezor disclosed a breach at its shipping provider affecting ~13.7K recent customers. ~11.7K had full name, email, phone and shipping address exposed. Trezor systems/private keys were not compromised. The leak directly links identities and physical addresses to known crypto holders, creating significant phishing, social-engineering and potential physical-security risk. Hardware wallets are often considered "more secure" than software wallets. While I still think that is "generally true" in a few specific aspects, this incident reinforces an advantage of software self-custody wallets (such as Binance Web3 Wallet & Trust Wallet), without purchasing and shipping a physical device that links a user's identity and address to crypto ownership. Not saying hardware wallets are "bad". Just different risk profiles. YZiLabs is an investor in many hardware wallets. Security, privacy and convenience comes in many different shapes. The more we can educate our communities, the better.
Tether completes first full audit with KPMG KPMG U.S. issued a clean opinion on Tether’s 2025 balance sheet, confirming a $6.81 billion reserve surplus and physically verifying its gold holdings. However, recent Q2 2026 reports show that buffer has since fallen 40% to $4.11 billion, largely impacted by drops in spot gold prices.
Saudi Aramco estimates the world lost 2.6 billion barrels of oil since the US-Iran conflict began, erasing about 25 days of pre-war global consumption
BREAKING: Hedge funds bought +$6.8 billion in US equities last week, the largest weekly purchase in 18 years. As a % of the S&P 500’s market cap, this was the 9th-largest weekly purchase since 2008. This follows +$4.8 billion in purchases the week prior, bringing the total to +$11.6 billion over the last 2 weeks, the largest 2-week purchase on record. This also pushes the 4-week average of hedge fund purchases up to +$1.8 billion. Meanwhile, institutional investors sold -$1.1 billion, posting their 2nd consecutive weekly sale. At the same time, retail investors sold -$4.1 billion, bringing their 4-week average of sales up to -$500 million. Hedge fund demand for US stocks is skyrocketing.
JUST IN: Another top @OpenAI executive is out. CRO Denise Dresser is leaving after 8 months, joining Brad Lightcap (out Tuesday) and Fidji Simo (out last month) in a wave of senior exits ahead of the company's IPO.
A significant portion of US corporate software spending is going to waste. Companies are now spending close to $10,000 per employee per year on software costs in the US. Meanwhile, ~33% of these software purchases are never used. At a company with 1,000 employees, unused software alone can represent more than $3 million in annual waste. As software becomes a larger share of corporate spending, managing these costs is quickly becoming a major source of margin improvement. Software spending cuts are likely coming soon.
Scott Melker's portfolio strategy: 80% Bitcoin, 10% ETH, 10% Solana, algorithmically buying dips to beat dollar cost averaging. "Those three things have institutional bids. You either have institutional adoption or you're coin number 75 on CoinMarketCap and good luck." For ETH and Solana he runs yield - buys dips, sells rips, puts the cash into more Bitcoin. Everything flows back to BTC. FT @ScottMelker @KevinWSHPod. Follow for more: @milkroaddaily
🤖 JUST IN: OpenAI says the top 10% of enterprises use plugins twice as often and skills six times as often as typical firms.
Yemeni armed forces targeted a vital center in Al-Hariqiyah, near the Bab al-Mandab Strait, with two ballistic missiles - IRIB citing Arab sources
US CENTCOM commander Adm. Brad Cooper tells senior IDF officials the US may have no choice but to resume fighting and would need Israel for joint strikes - Israel's Channel 13
🇺🇸🇨🇳BREAKING: The White House accuses over 40 countries of running a "Great Transshipment Scam" to help China dodge US tariffs. The report claims up to $75 BILLION in Chinese goods are relabeled and rerouted through allies including Mexico, Canada and Japan each year.
🚨 LATEST: The Blockchain Association has backed Custodia Bank’s Supreme Court bid for direct access to the Federal Reserve’s payment system.
Ultrafast mode is +1,300% faster on GPT-5.6 Sol. Insane. I made a post last week about how we're entering the era of AI cost efficiency and speed. For the past year, AI labs have been primarily focused on pure intelligence. I have no doubt that LLM intelligence will continue to make huge leaps, but what's becoming increasingly important is cost/speed. The models are good enough for 95% of daily use cases, but they're either a) too slow or b) too expensive These problems should be solved soon.
COINDESK DAILY: Kalshi is in talks to raise $750M at a $40B valuation, Delio CEO gets 15 years in prison for a $50 million fraud, and Metaplanet launches a new bitcoin-backed bond program. @JennSanasie has what you need to know.
