Crypto protocols Frax and IQ have partnered to launch KRWQ, South Korea’s first fully regulatory-compliant won stablecoin. The token debuts on Coinbase’s Base blockchain amid the country’s push for regulated digital assets. This marks a significant step in bridging traditional Korean finance with decentralized ecosystems.
about Frax & IQ Launch KRWQ: Korea's First Compliant Won StablecoinFrax
0 posts last weekCoinStats Integrates Glider Token Risk to Combat Crypto Scams
In a decisive move against the rising tide of cryptocurrency fraud, portfolio management platform CoinStats has integrated Glider Token Risk, an advanced smart contract scanning technology from elite cybersecurity firm Hexens. This integration equips traders with a powerful pre-trade defense, offering instant analysis of over 22 smart contract risks. The timing is critical: 2024 has seen over 74,000 scam tokens launch, draining nearly $10 billion from unsuspecting traders, with 94% of these malicious tokens containing exploit logic from day one.
about CoinStats Integrates Glider Token Risk to Combat Crypto ScamsHyperliquid Stablecoin Bidders: OpenEden, BitGo Join Race
OpenEden, a real-world asset tokenization platform, and BitGo, a crypto infrastructure provider, have entered the bidding to issue Hyperliquid’s planned USDH stablecoin, bringing the total number of contenders to eight. Voting by Hyperliquid validators commenced on Thursday and will conclude on Sunday. The selected issuer will oversee Hyperliquid’s $5.9 billion stablecoin reserve, 95.56% of which is held in USDC, according to DefiLlama. Other participants in the race include Ethena, Paxos, Frax, Agora, Native Markets, and Sky, highlighting the growing interest and competition in the stablecoin issuance space within DeFi.
about Hyperliquid Stablecoin Bidders: OpenEden, BitGo Join RaceEthena Joins Race for Hyperliquid’s $5B USDH Stablecoin Mandate
Ethena Labs has joined five other protocols in competing to issue Hyperliquid’s USDH stablecoin, a role controlling $5 billion in liquidity on one of DeFi’s fastest-growing derivatives exchanges. The company proposes backing USDH entirely with USDtb, its stablecoin tied to BlackRock’s BUIDL fund and soon to be issued through Anchorage Digital Bank. Ethena has committed to returning 95% of reserve revenue to the Hyperliquid community, covering migration costs from USDC to USDH, and providing between $75-150 million in ecosystem incentives. The winning bidder will gain significant revenue streams and influence over Hyperliquid’s growing derivatives market.
about Ethena Joins Race for Hyperliquid's $5B USDH Stablecoin MandateCrypto Hacks Surge in July, Exchanges Lose $114M
In July, crypto hacks surged, resulting in $142 million in losses, with exchanges like CoinDCX and GMX accounting for 80% of the total. CoinDCX lost $44 million due to a phishing attack on an employee, while GMX suffered a $42 million exploit via an Arbitrum vulnerability, though most funds were later returned. The broader trend shows a worsening security landscape, with Chainalysis reporting $2.7 billion stolen in H1 2025—already surpassing 2024’s total—and projecting over $4.3 billion in thefts by year-end if the pace continues.
about Crypto Hacks Surge in July, Exchanges Lose $114MGMX Hacker Returns $40M, Claims $5M Bounty
A hacker exploited a vulnerability in GMX V1’s vault contract on Arbitrum, manipulating GLP token prices to steal $42 million in assets. GMX responded by offering a $5 million bounty for the funds’ return, which the hacker accepted, returning most of the stolen assets while keeping the bounty. The exchange confirmed GMX V2 and its token remained unaffected, and a distribution plan for recovered funds will be proposed to the GMX DAO. The resolution underscores the risks in DeFi protocols but also demonstrates how bounties can incentivize ethical behavior.
about GMX Hacker Returns $40M, Claims $5M BountyGMX Recovers $40M After Crypto Exploit, Attacker Keeps $5M
GMX suffered a $40 million exploit due to a re-entrancy attack on its GLP pool, but the attacker returned most of the funds after accepting a 10% white-hat bounty. The exploiter manipulated GLP token pricing on Arbitrum, withdrawing inflated amounts of Bitcoin and Ethereum. While GMX’s security committee regained control of the funds, the attacker sent $5 million worth of Ethereum to Tornado Cash, a coin mixer flagged by U.S. authorities. The incident highlights persistent vulnerabilities in DeFi despite improved forensic tools and past exploits like the 2016 DAO hack.
about GMX Recovers $40M After Crypto Exploit, Attacker Keeps $5MGMX Hacker Returns $40M, Keeps $5M Bounty
Less than 48 hours after stealing $42 million from decentralized trading platform GMX, the hacker began returning the funds, keeping a 10% bounty. The exploit, a re-entrancy attack on GMX’s V1 smart contract, allowed the hacker to artificially inflate the price of GLP, the platform’s liquidity provider token. After converting most of the stolen assets to ETH, the hacker returned $40.5 million, retaining roughly $4.5 million as a bounty. GMX confirmed its V2 protocol was unaffected, and its native token has since recovered by over 13%. The incident highlights vulnerabilities in DeFi smart contracts and the effectiveness of white hat bounties in recovering stolen funds.
about GMX Hacker Returns $40M, Keeps $5M BountyGMX Hack: $42M Stolen Crypto Converted to 11,700 ETH
On July 9, GMX, a decentralized trading platform, was exploited for $42 million in cryptocurrencies, including FRAX, wBTC, and DAI. The attacker bridged $9.6 million to Ethereum, converting it into DAI and ETH, while $32 million remained on Arbitrum. GMX confirmed the theft and paused GLP token minting/redemption to secure funds. Blockchain analytics revealed the hacker converted most assets into 11,700 ETH, distributing them across four wallets. SlowMist attributed the breach to a re-entrancy attack exploiting a design flaw in GMX V1, manipulating GLP token prices. GMX offered a $4.2 million bounty for the return of 90% of the funds, but the hacker has not responded. The incident highlights ongoing DeFi security challenges, with Q2 2025 seeing $801.3 million lost in crypto hacks.
about GMX Hack: $42M Stolen Crypto Converted to 11,700 ETHGMX Offers 10% Bounty After $42M DeFi Hack on Arbitrum
GMX, a decentralized exchange operating on Arbitrum, Solana, and Avalanche, lost $42 million in a smart contract exploit linked to a malicious address funded via Tornado Cash. The attacker minted and redeemed GLP tokens for high-value assets, later converting them to ETH. GMX offered a 10% bounty for the return of funds, avoiding legal action, but its token still dropped 17%. Meanwhile, Circle faced backlash for failing to promptly blacklist $30 million in USDC held by the exploiter, who later shifted funds into DAI. The incident highlights ongoing vulnerabilities in DeFi security and stablecoin oversight.
about GMX Offers 10% Bounty After $42M DeFi Hack on ArbitrumStably Launches Stablecoin-as-a-Service for Enterprises
Stably, a pioneer in stablecoin infrastructure, has unveiled its Stablecoin-as-a-Service (SCaaS) solutions, enabling enterprises and financial institutions to launch compliant, fiat-backed stablecoins. The global stablecoin market has surged past $250 billion in 2025, fueled by supportive US regulations like the STABLE and GENIUS Acts. Stably offers end-to-end support, including chain-agnostic issuance, DeFi integrations, liquidity management, and advisory services. The company has already assisted in launching over 15 stablecoin projects, partnering with firms like Ripple and VeChain. With major corporations entering the space, Stably’s SCaaS could accelerate mainstream adoption, unlocking cost savings, new revenue streams, and enhanced payment efficiency for businesses.
about Stably Launches Stablecoin-as-a-Service for EnterprisesStably Launches SCaaS for Institutional Stablecoin Adoption
Stably, a pioneer in stablecoin infrastructure since 2018, has launched comprehensive SCaaS solutions to help financial institutions and enterprises issue compliant, fiat-backed stablecoins. The suite includes custom development, DeFi integrations, and regulatory advisory—leveraging partnerships with industry players like Ripple and Stellar. With the stablecoin market exceeding $250B in 2025 and projected to hit $3.7T by 2030, Stably’s services cater to banks, retailers, and fintechs aiming to reduce payment friction and unlock new revenue streams. CEO Kory Hoang highlights network effects and transaction scale as key criteria for adoption. The company has already supported 15+ stablecoin launches, including innovative models like interest-subsidized stablecoins with dTRINITY.
about Stably Launches SCaaS for Institutional Stablecoin Adoption