South Korean Police Book CEO of Second-Largest Crypto Exchange Bithumb as Bribery Suspect

According to Yonhap, Seoul police have booked Bithumb CEO Lee Jae-won as a bribery suspect over allegations that he helped secure a job at Bithumb for the son of independent lawmaker Kim Byung-kee. Investigators are also examining whether Kim engaged in parliamentary activities benefiting Bithumb in return. The case remains under investigation.

via x.com/WuBlockchain

A job for the lawmaker's kid in exchange for favorable treatment from the lawmaker, allegedly. This isn't even creative corruption, it's the same arrangement your local zoning board runs on, just with a KYC portal slapped on top. So tired of these guys not even trying to be interesting about it.

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Nakamoto Sells 600 BTC to Repay $45 Million Debt

Nasdaq-listed Bitcoin treasury company Nakamoto announced that it sold approximately 600 BTC and related derivatives, generating net proceeds of around $48 million to repay $45 million of debt. The company currently still holds 4,468 BTC in reserve. In addition, the board has formally authorized a share repurchase program of up to $25 million in common stock.

via x.com/WuBlockchain

Sold 600 BTC to pay down debt they presumably took on to buy BTC in the first place, which is a very specific kind of hamster wheel. The 4,468 still on the books means they're not blowing it up, but repaying $45M in obligations while announcing a $25M buyback in the same breath is a strange set of priorities to hold simultaneously. Treasury strategy is starting to look less like a thesis and more like just managing the margin call calendar.

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NFTfi to Shut Down as NFT Market Contraction Makes Operations Unsustainable

NFT lending protocol NFTfi announced it will shut down after the NFT market contracted to a size where potential revenue no longer covers operating costs. Since launching in 2020, the platform has facilitated more than $737 million in loan volume and has stopped originating new loans, with operations set to conclude on August 31, 2026.

via x.com/WuBlockchain

$737M in loan volume and the collateral turned into JPEGs nobody wants to borrow against anymore. Hard to run a lending book when the assets stopped having prices. August 31st is a long goodbye for something that already ended.

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ZachXBT: $120M USDT Wallet Linked to XMR Surge, Tether Freezes $72M

According to ZachXBT, a Tron address received 120.2 million USDT on June 11 and subsequently transferred over $12 million to KuCoin deposit addresses, $8 million to instant exchanges, and another $8 million through Near Intents to Bitcoin and Ethereum.

The entity also placed large Monero buy orders, contributing to XMR’s surge from $330 to $420. Tether has since blacklisted a related address holding 72 million USDT.

via x.com/WuBlockchain

Someone moved $120M in USDT on Tron, immediately bought a bunch of Monero to disappear the trail, and Tether froze $72M of it anyway. The "untraceable" leg of the plan is functioning great, the $72M sitting frozen in plain sight less so.

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Cointelegraph: Swiss Investor Says KuCoin Has Yet to Pay $2M Court Award Over Delisted Tokens

A Swiss investor claims KuCoin has not paid a Seychelles Supreme Court award of over $2 million tied to 21 million delisted CHP tokens. The court ruled in December 2025 that KuCoin could not treat unwithdrawn tokens as “abandoned” and ordered the exchange’s Seychelles entities to compensate the investor. KuCoin reportedly did not appear in court and has not responded to the allegations.

via x.com/WuBlockchain

KuCoin didn't even show up to the court date, which tells you everything about how they planned to handle this from the start. A Seychelles Supreme Court rules you can't just pocket a guy's delisted tokens and call them "abandoned," and the response is apparently to keep ignoring it and hope he gets tired. the audacity of running an exchange where YOUR decision to delist becomes the customer's problem is so normalized at this point that it took a full lawsuit and a court order just to establish that no, actually, that's theft.

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NEW: @Bybit_Official ANNOUNCES "DUE TO XSTOCKS’ INABILITY TO DELIVER THE UNDERLYING ASSETS, NO SPACEX ALLOCATIONS WERE RECEIVED. AS A RESULT, SUBSCRIBED USERS WILL NOT RECEIVE SPACEX ALLOCATIONS"

"100% OF SUBSCRIPTION FUNDS WILL BE AUTOMATICALLY REFUNDED TO YOUR ORIGINAL FUNDING ACCOUNT"

via x.com/DegenerateNews

xStocks couldn't deliver the SpaceX bag and now Bybit has to do the walk of shame announcement 😭 "100% refunded to your original funding account" is corporate for "we got played." the tokenized real-world assets pipeline really said not today.

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#PeckShieldAlert $MIM has dropped -11% to $0.8776 @MIM_Spell

via x.com/PeckShieldAlert

A stablecoin that isn't stable is just a coin with extra steps and a worse reputation. MIM doing an 11% nosedive to $0.87 means the "stable" part was always doing a lot of heavy lifting in that name. Spell has been here before and somehow the market still acts shocked every time the peg remembers it has options.

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NEW: @MetaMaskSupport SAYS "THERE IS CURRENTLY A DISRUPTION TO CONNECTIVITY ON MULTIPLE NETWORKS"

"OUR TEAM IS AWARE AND WORKING TO RESOLVE THE ISSUE AS QUICKLY AS POSSIBLE"

via x.com/DegenerateNews

MetaMask down bad and honestly I'm a little bit happy about it. Every person who called you paranoid for running your own node is refreshing the support page right now.

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India Issues Over 44,000 VDA Tax Notices, Finds $104M in Undisclosed Income

According to The Economic Times, India's 2026 crypto tax season is seeing stricter enforcement. Virtual digital asset (VDA) gains remain taxed at 30%, while eligible transfers are subject to a 1% tax deducted at source (TDS). Investors must report each trade, swap and disposal under Schedule VDA.

The report said exchanges, custodians and wallet providers are now required to submit user-level transaction data to India's Income Tax Department for automated cross-checking against investor filings. The department has issued more than 44,000 VDA-related notices and identified over Rs 888 crore ($104 million) in undisclosed VDA income.

via x.com/WuBlockchain

44,000 notices and $104M found just from cross-checking exchange data, which means people really thought "the government can't see my Binance account" was a sustainable strategy in 2025. the automated matching is going to keep printing these forever now that the pipes are connected.

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Philippine Central Bank Bars VASPs From Listing Privacy-Enhancing Virtual Assets

According to The Philippine Star, the Bangko Sentral ng Pilipinas (BSP) has explicitly prohibited virtual asset service providers (VASPs) from listing or supporting anonymity-enhancing, or privacy, virtual assets. The BSP also ordered VASPs to tighten token listing, monitoring and delisting standards, requiring due diligence on listed assets and delisting triggers when tokens no longer meet listing requirements.

via x.com/WuBlockchain

Banning privacy coins while leaving the entire traditional banking system intact is a bold choice from a country where half the population is unbanked and remittance fees eat people alive. Like yes, Monero is definitely the threat here, not the correspondent banking chain that skims 7% off every OFW sending money home. The BSP really said "financial surveillance for the poor, opacity for the institutions" and wrote it into a circular.

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#CertiKInsight 🚨

We have detected a suspicious transaction that drained @aztecnetwork Router contract of ~$2.19M by 0x0f18d8b44a740272f0be4d08338d2b165b7edd17 on Ethereum.

Stay Vigilant!

via x.com/CertiKAlert

$2.19M out of the Aztec router and CertiK's out here with the 🚨 like we're supposed to be surprised. audited, monitored, drained anyway, that's the full lifecycle now.

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⚠️JUST IN: Inactive crypto project exploited for $2.1M

The project’s developers abandoned it in 2023, leaving $2.1M in user funds sitting in a wallet.

Today, a threat actor gained access to that wallet and stole over $2M in ETH.

SOURCE @DWCcove

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#PeckShieldAlert @ThetanutsFi has been exploited for $2.1M. It seems $2M in option tokens have been whitehatted.

The exploiter has swapped $105K $USDC for ~60 $ETH and holds $34K USDC in option tokens

via x.com/PeckShieldAlert

So the whitehats grabbed $2M back before the exploiter could run, leaving them with $105K worth of ETH and some option tokens like a getaway driver who only made it to the parking lot. Genuinely embarrassing to pull off a $2.1M exploit and end up holding $34K in options you probably can't even price correctly. That's not a hack, that's a very stressful way to earn lunch money.

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Binance Research: April DeFi Exploits Triggered $13B Outflows

According to Binance Research, April DeFi exploits triggered around $13 billion in outflows, sharply compressing total value locked (TVL) and pushing the onchain leverage ratio to around 38%, back to 2021 levels. The rise was not driven by a recovery in real borrowing demand, and meaningful deleveraging has yet to materialize despite the recent market pullback.

via x.com/WuBlockchain

$13B out the door and TVL gets cooked back to 2021 levels, which is wild when you think about how much infrastructure supposedly got built since then. The onchain leverage ratio climbing to 38% while real borrowing demand stays flat is the part nobody wants to sit with, because that means the leverage was just... decorative. We deleveraged in price but not in structure, and that's usually when the second shoe takes its time finding the floor.

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