YM Lee

US prosecutors have sought a 10-year prison sentence for the co-founders of the cryptocurrency mining service HashFlare. According to a Cointelegraph report on the 13th (local time), US prosecutors sought a 10-year prison sentence for HashFlare co-founders Sergei Potapenko and Ivan Turogin on charges of conspiracy to commit wire fraud. The defendants claimed in previously submitted court documents that they returned approximately $400 million worth of cryptocurrencies wrongfully acquired from HashFlare users, and relinquished ownership of assets frozen by the US government in 2022. However, prosecutors criticized these claims and labeled HashFlare a Ponzi scheme. The HashFlare co-founders were arrested and detained in Estonia in May 2024 and were released on bail in July of the same year after extradition to the United States.

Decentralized Physical Infrastructure Network (DePIN) World Mobile announced on the 9th that it has launched the stratospheric communication platform 'World Mobile Stratospheric (WMS)' in partnership with Indonesian digital infrastructure company Protelindo. World Mobile is a US-based company that provides a blockchain-based decentralized communication infrastructure. Unlike traditional telecom operators, it offers a system where anyone can operate nodes, connect to the network, and receive rewards based on a shared economy model. Protelindo is Indonesia's largest independent telecommunications infrastructure provider, operating communication towers, fiber optic infrastructure, and digital connectivity solutions. With a goal of accelerating digital transformation, it supplies stable telecommunications infrastructure to carriers and enterprises across Indonesia, and is evaluated as a key partner in the country’s economic growth. The two companies provide services using the hydrogen-fueled aircraft (Stratomast) of their joint subsidiary, CST (Combined Space Technologies). Unlike traditional orbital satellites, it will function as a base station flying in the stratosphere. CST's hydrogen fuel aircraft can fly at an altitude of 20km for up to 9 days, supporting simultaneous connections to up to 500,000 terminals directly. In addition, because it flies at a lower altitude than satellites, it boasts superior performance in aspects such as latency, download and upload speeds compared to existing satellite systems like AST SpaceMobile and Starlink. Before the launch, WMS secured real-world use cases of 5G video calls, helicopter communication, and disaster response connectivity through demonstrations conducted with British Telecom in the UK, Deutsche Telekom in Germany, and the Communications and Information Technology Commission (CITC) in Saudi Arabia. Micky Watkins, CEO of World Mobile, stated, "By combining advanced aviation technology with an economic system based on our native token WMTx, we will provide sustainable communication services to more people."

NHN's fintech subsidiary NHN KCP has filed a trademark application for a U.S. dollar stablecoin. According to data from the Korean Intellectual Property Office's KIPRIS on the 6th, NHN KCP registered a trademark for 'USDW,' which is presumed to be the ticker for the dollar stablecoin.

Base (BASE), Coinbase's Ethereum Layer 2 chain, has released an official statement regarding the recent block production halt. According to a report from Cointelegraph on the 6th (local time), Base explained on its official X (formerly Twitter), "Block production was halted due to a sequencer transition on the mainnet that was still being configured. The team addressed the issue directly, and the chain was fully restored after 33 minutes." The media pointed out, "This incident shows that Base is still relying on a centralized sequencer to process large-scale transactions. Such an approach poses the risk of a complete network outage."

Last night, the U.S. Securities and Exchange Commission (SEC) issued guidelines regarding the securities status of liquidity staking, which are expected to serve as the foundation for institutional adoption of decentralized finance (DeFi). According to Cointelegraph on the 6th (local time), Mara Schmidt, CEO of Alluvial, stated, "With this announcement from the SEC, institutions can now confidently integrate liquidity staking into their offerings. Based on this, institutions are expected to generate new revenue streams, expand their customer base, and create secondary markets." She added, "This decision by the SEC will trigger a wave of new products and services that accelerate mainstream financial participation in the digital asset market." The SEC last night defined liquidity staking as depositing virtual assets (cryptocurrencies) with protocols or service providers and receiving a 'liquidity staking receipt token' that certifies the deposited asset and the right to rewards. The Commission also stated that LSTs may not qualify as securities offerings or sales under securities law.

Bithumb announced on the 6th that it is holding the 'National Shopping Support Fund Event' with Emart until the 31st. This event is part of a joint promotion aimed at providing an experience where virtual assets connect to investors' daily lives, designed to ease customers' grocery cost burdens and offer tangible benefits. First, during the event period, any customer who signs up for Bithumb for the first time can receive ₩30,000 in Korean won usable for cryptocurrency trading on Bithumb. Simply register a unique code issued from the event page on the Emart app in the Bithumb app. Once the Bithumb welcome mission is completed, an additional reward of up to ₩20,000 will be given, totaling rewards worth up to ₩50,000. There are also shopping support benefits available when shopping at Emart. If you spend at least ₩70,000 in a single transaction at an Emart offline store and accumulate Shinsegae Points, you will receive a ₩40,000 'Emarticon' (usable as cash at Emart) and a ₩5,000 'discount coupon' via text message. The message will be sent according to the date you meet the shopping requirement, either on August 22 or September 5, and you can use the coupon by registering the coupon number in the Emart app. Seonil Moon, Head of Service at Bithumb, said, "With the current burden of grocery prices, we have been considering how we can deliver a small but certain benefit in daily life through Bithumb and virtual assets. We will continue to provide various types of benefits and promotions so that people can naturally experience virtual assets in their everyday lives."

Hashed Open Research (HOR), the think tank of the global blockchain venture capital firm Hashed, announced on the 6th that it will hold the 'Korea Initiative: First Step Toward Digital G2' forum on August 7 at the 20th floor of Hashed Lounge, Gangnam, Seoul. This forum aims to derive practical strategies and action plans for Korea to become a leading nation in the era of major digital transformation, and to propose global joint tasks that can be reflected in the 2025 APEC KOREA Gyeongju Declaration. In particular, the forum will prepare for the technological singularity brought by new technologies such as artificial intelligence (AI), blockchain, and quantum computing, and concretize Korea's digital future through in-depth discussions on core areas such as digital citizenship, digital currency, and digital asset platforms. Experts from various fields will attend the forum, including Seojoon Kim, CEO of Hashed; Jongseop Lee, Professor at Seoul National University; Suhyun Ahn, Dean of the Law School at Hankuk University of Foreign Studies; Hyunil Hwang, Digital Finance Partner at Shin & Kim LLC; Gunwoo Lee, Head of Product at Coinbase United States headquarters; and Sangmin Kim, CEO of Busan Digital Asset Exchange. Political figures such as Byungdeok Min and Dogul Ahn, members of the National Assembly; former Secretary General of the National Assembly Kwangjae Lee; and former Director General of Financial Policy at the Financial Services Commission Jaesoo Yoo will also participate. Based on industry-government-academia collaboration, the forum will explore new digital national strategies to lead Korea. The event will also feature discussions on the design of real-world asset (RWA) platforms, where stablecoins, one of the most notable topics in global digital finance, can be practically applied. Through this, the forum seeks to demonstrate potential real-world use cases for stablecoins and explore specific action plans for Korea to build infrastructure as a leading 'Digital G2' economy. Additionally, a communications leader from the Government of Estonia—recognized for pioneering examples in fields such as digital citizenship and digital governance—has been invited to share international best practices and discuss the potential for applying them in Korea. Seojoon Kim, CEO of Hashed, stated, "In order for Korea to leap forward as a Digital G2, we need a national strategy that not only enhances the competitiveness of our technology industry, but also embraces new concepts such as digital citizenship. We hope this forum will become a starting point for simultaneously narrowing the digital divide and securing a leadership position in the global digital landscape through public-private collaboration."

<Today's Major Economic Schedules> ▶ Wednesday, 6th: △US Crude Oil Inventory (local time 10:30, KST 23:30) △US Cushing Crude Oil Inventory (local time 10:30, KST 23:30) <Today's Major Cryptocurrency Schedules> ▶ Wednesday, 6th: △Opening of Indonesia Game Week

Changpeng Zhao, founder of Binance, requested the Delaware Bankruptcy Court to dismiss the FTX Trust's claim for fund recovery. According to Bloomberg's report on the 5th (local time), Changpeng Zhao stated, "I currently reside in the United Arab Emirates, and the laws in question, which FTX Trust and FTX Digital Markets are invoking, are unenforceable extraterritorially. They cannot claim Delaware jurisdiction." Previously, FTX Trust had requested the recovery of $1.76 billion it argued was unjust enrichment received by Binance and several executives from the sale of about 20% of FTX overseas business unit shares and 18.4% of its U.S.-based unit shares. Court records show that Alameda Research, a British Virgin Islands-based firm, transferred funds to Binance affiliates established in Ireland, the Cayman Islands, and the British Virgin Islands. Changpeng Zhao argued this was a clear offshore transaction. CZ stated, "At the time, the two companies were business partners, and we held a 20% stake in FTX until the partnership was dissolved."

Global cryptocurrency exchange Coinbase has launched Embedded Wallets, enabling developers to integrate self-custody wallets into their apps with minimal code. According to The Block's report on the 5th (local time), Coinbase's Embedded Wallets allow builder users to offer fully featured wallets to users without browser extensions, while retaining complete control over the interface and user experience. By using the wallet SDK, virtual asset features, including on-ramp and swap, can be directly embedded into applications. These wallets operate on the same infrastructure that supports DEX accounts, and can be integrated with other Coinbase developer tools such as enterprise-grade key management, regulation-compliant architecture, Magic Spend, and on-ramp.

Mizuho Securities has raised its outlook on the stock price of the cryptocurrency exchange Coinbase. According to a report by The Block on the 6th (local time), Mizuho Securities stated in its report, “While Coinbase’s trading volume this quarter was sluggish, it rebounded in July,” maintaining its neutral investment rating and raising the price target from $217 to $267. Currently, Coinbase is trading at $297.87 in after-hours trading. According to Coinbase’s second-quarter results announced last week, its Q2 consumer spot trading volume declined by 45% and trading revenue decreased by 39% compared to the previous quarter.

The cryptocurrency exchange Bullish plans to raise approximately $600 million through an initial public offering (IPO). According to a Reuters report on the 4th (local time), Bullish aims for a company valuation of up to $4.23 billion through a U.S. listing. Bullish is pursuing an IPO to publicly offer a total of 20.3 million shares and raise up to $629.3 million. Bullish previously attempted to go public via a SPAC merger with a target valuation of $9 billion in 2021, but canceled the merger listing plan in 2022 due to regulatory barriers.

Donald Trump, former President of the United States, claimed that last week’s employment report was manipulated to favor the Democratic Party. On the 4th (local time), former President Donald Trump stated on his Truth Social, "Last week's employment report was rigged just like the last election. All records were altered to benefit the far-left Democratic Party, and this is fake politics to hide the Republican Party’s success," he criticized. He continued, "I plan to appoint an excellent successor for the Bureau of Labor Statistics. Thank you for your interest in this matter," he added.

The Commodity Futures Trading Commission (CFTC) announced that it will launch the initiative 'Crypto Sprint' to accelerate the transition of the financial industry to blockchain. According to The Block, a leading digital asset media outlet, on the 4th (local time), Caroline D. Pham, Acting Chair of the CFTC, stated in an official statement: "The CFTC will deliver on its promise to provide regulatory clarity and promote innovation in the digital asset market to usher in a golden era for digital assets, realizing President Donald Trump’s vision to make the US the global hub for digital assets." She added that there are also plans to cooperate with the Securities and Exchange Commission (SEC) towards the common goal of advancing the digital asset industry in the US. Caroline D. Pham emphasized, "By working closely with the SEC, we will accomplish Project Crypto to advance the digital asset industry." Based on the White House digital asset report, Project Crypto is a plan to modernize securities rules and regulations to facilitate the on-chain transition of the financial system. The SEC is expected to draft rules related to the distribution, custody, and trading of digital assets.

President Donald Trump is expected to nominate a new member of the Federal Reserve Board and a new Director of the Bureau of Labor Statistics. On the 4th (local time), the financial news channel Walter Bloomberg reported, "President Trump is expected to nominate a new Federal Reserve Board member and a new Director of the Bureau of Labor Statistics in the coming days. This Fed nomination follows the unexpected resignation of Adriana Kugler, and President Trump is considering new candidates who will support the push for rate cuts." Regarding the nomination for the head of the Bureau of Labor Statistics, it added, "There are also discussions about appointing a successor to Erica McEntaffer, the former Director of the Bureau of Labor Statistics who was dismissed recently after the disappointing employment report was released."