Hello, crypto fam!
It’s Week 2 of July, and we’ve got all the major updates packed and ready for you. From key developments to trending headlines, here are the top crypto stories you need to know.
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Biggest Story
GMX Exploit Drains $40M From Arbitrum-Based GLP Pool, Exposes DeFi Vulnerability
URGENT: for all GMX V1 forks, GMX V1 has been exploited.
The issue could potentially be mitigated by doing the below:
1. Disable leverage: this can be done by setting Vault.setIsLeverageEnabled(false) or, if Vault Timelock is used, by setting… https://t.co/BbcUSaXyq9
— GMX 🫐 (@GMX_IO) July 9, 2025
On July 9, GMX suffered a $40 million exploit targeting its V1 GLP pool on Arbitrum, forcing an immediate halt to trading and suspension of GLP minting on Arbitrum and Avalanche. The attacker exploited a flaw in the leverage mechanism to mint unbacked GLP tokens and redeem them for multi-asset liquidity, including ETH, USDC, DAI, and LINK in a single transaction.
Despite prior audits by Quantstamp and ABDK Consulting, the vulnerability went undetected. GMX’s V2 contracts remain unaffected, and the platform has issued a 10% bounty plea for fund recovery.
Other News Making Waves
- KuCoin has completed its 32nd consecutive Proof of Reserves audit, verified by Hacken, showing over 100% collateral across major assets and earning a top-tier AAA security rating from CER.live. (More)
- Senator Elizabeth Warren is calling for a crackdown on what she terms a “crypto corruption superhighway” linked to Donald Trump, urging tighter regulations to prevent illicit financial activity via digital assets. (More)
- Snoop Dogg’s NFT collection on Telegram’s TON blockchain sold out in 30 minutes, raising $12M and reviving hope in the NFT sector amid market decline. (More)
- Trump’s Truth Social is launching a utility token and ‘Patriot’ subscription service, while also filing for a crypto ETF tracking BTC, ETH, SOL, CRO, and XRP.. (More)
- The judge in Tornado Cash co-founder Roman Storm’s trial may exclude mention of 2022 U.S. sanctions later repealed to prevent prejudice, as the case stirs debate over crypto developers’ legal liability. (More)
- Solana-based platform GMGN has launched a compensation program for users affected by MEV sandwich attacks, offering payouts upon verified proof of loss despite active MEV protection. (More)
- Coinbase has launched a $5 million bug bounty via Cantina to uncover vulnerabilities in its on-chain products and Base network, reinforcing its post-breach security overhaul. (More)
- The SEC has delayed a decision on Fidelity’s Solana ETF, opening a public comment period amid regulatory uncertainty and growing interest in altcoin-based crypto funds. (More)
- Coinbase and 65+ crypto firms are urging U.S. lawmakers to pass the CLARITY Act, a bill that would assign crypto oversight to the CFTC and reshape the regulatory landscape. (More)
- Vitalik Buterin advocates for copyleft licensing in crypto, arguing it will revive open collaboration by requiring shared improvements to open-source code. (More)
- The SEC has begun reviewing Trump Media’s proposal for a dual Bitcoin-Ether ETF, while delaying Fidelity’s Solana ETF amid ongoing regulatory restructuring. (More)
- Two dormant Ethereum genesis wallets from 2015 have reactivated after nearly a decade, transferring 1,140 ETH as part of a broader trend of early crypto addresses coming to life. (More)
- Ethereum developers have proposed EIP-7983, a gas limit cap of 16.77 million per transaction, aimed at improving network performance and reducing DoS attack risks. (More)
- Elon Musk unveiled the America Party, pledging Bitcoin support and criticizing U.S. fiscal policy, including a $3.4T spending bill. (More)
Around the World: Bold Moves and Crypto Regulations
- New Zealand plans to ban crypto ATMs and cap international cash transfers at $5,000 as part of new AML reforms targeting criminal misuse of digital assets and financial loopholes. (More)
- Dubai has approved the Middle East’s first tokenized money market fund, QCDT, combining U.S. Treasuries with blockchain infrastructure in a partnership between QNB and DMZ Finance. (More)
- The EU has licensed 53 crypto firms and 14 stablecoin issuers under MiCA, marking regulatory progress across the bloc, though asset-referenced tokens remain unapproved. (More)
- Ukraine imposed sanctions on 60 firms and 73 individuals to cut off Russia’s crypto funding for its war efforts, claiming billions in digital assets have supported the arms industry. (More)
- UAE officials dismissed rumours linking crypto investments to golden visa eligibility, warning against misinformation. (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- MemeCore +682.2%, from $0.055502 to $0.434206
- Hyperlane +463.3%, from $0.101300 to $0.570969
- Graphite Protocol +149.3%, from $0.553709 to $1.38
- International Meme Fund +84.4%, from $0.813463 to $1.50
- Omni Network +60.4%, from $1.44 to $2.31
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- Tokenize Xchange -47.5%, from $23.60 to $12.40
- SpaceN -23.3%, from $2.27 to $1.74
- SOON -30.0%, from $0.223700 to $0.156591
- Strike -19.3%, from $8.27 to $6.67
- CreatorBid -20.8%, from $0.138776 to $0.109911
Project Spotlight
PrimeXBT Launches MT5 PRO Account to Deliver Institutional-Grade Trading for Retail Users
PrimeXBT has unveiled the MT5 PRO account, tailored for high-volume and strategy-driven traders seeking institutional-level conditions. Launched on July 10, it offers ultra-tight spreads (as low as 0.5 pips), up to 1:2000 leverage, commission-free crypto trading, and advanced risk tools. It also supports Islamic accounts and provides real-time liquidation visibility, as well as cashback on spreads.
Why It Matters
MT5 PRO bridges the gap between retail and institutional trading, providing serious traders with access to powerful tools, reduced costs, and flexible conditions, all while maintaining transparency and execution speed.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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