Industry News

Tracks company news, strategic changes, funding activities, and personnel adjustments across the blockchain and crypto industries, delivering a full-spectrum industry overview for our users.

SwapNet Exploit Drains $17M, Exposes DeFi Approval Risks

A significant security breach occurred at DEX aggregator SwapNet, resulting in a loss of approximately $16.8 million. The exploit was first identified by security firm PeckShield. The attacker swapped $10.5 million in USDC for Ether on Base network and bridged the funds to Ethereum. The vulnerability stemmed from users disabling the "One-Time Approval" feature designed to restrict token permissions. By doing so, they inadvertently granted direct and persistent approvals to underlying contracts, including SwapNet’s router, which the attacker exploited. Matcha Meta, the meta-DEX aggregator through which SwapNet was accessed, clarified that the issue did not originate from its core system but from this user configuration choice. SwapNet paused its contracts to mitigate further damage and investigate the incident. Users were urged to revoke approvals granted outside the One-Time Approval framework, especially for SwapNet’s router. The event underscores a critical DeFi trade-off: one-time approvals enhance security but add friction, while unlimited approvals improve usability but create persistent risk if a platform is compromised. This incident is part of a broader pattern of exploits targeting unverified code and standing approvals, highlighting ongoing risks in DeFi’s interconnected ecosystem. SwapNet has not yet released a technical post-mortem or confirmed user compensation.

TheNewsCrypto01/26 10:11

SwapNet Exploit Drains $17M, Exposes DeFi Approval Risks

TheNewsCrypto01/26 10:11

South Korea’s Coinone Explores Sale of Chairman’s Stake

South Korea's third-largest cryptocurrency exchange, Coinone, is exploring the sale of a stake held by its chairman and largest shareholder, Cha Myung-hoon. According to a report, the potential sale involves Cha's 53.4% stake, which includes his personal holdings and shares owned by his company, The One Group. Coinone is in preliminary discussions with overseas exchanges and local financial institutions regarding equity investments, though no specific decisions have been made. The report also suggests shares from the second-largest shareholder, gaming firm Com2uS, may be included. This move follows financial pressures at Coinone, which reported recent losses and a decreased book value. U.S.-based Coinbase may be involved in the sale, with officials scheduled to visit South Korea for meetings. The discussions remain preliminary, and no deal has been finalized.

TheNewsCrypto01/26 08:48

South Korea’s Coinone Explores Sale of Chairman’s Stake

TheNewsCrypto01/26 08:48

Andreessen Horowitz-Backed Entropy Announces Shutdown

Decentralized crypto custody startup Entropy, backed by Andreessen Horowitz (a16z), is shutting down and returning remaining capital to investors, according to founder and CEO Tux Pacific. After four years, multiple pivots, and two rounds of layoffs, Pacific announced the decision on January 25. The company had recently shifted to a crypto automation platform but failed to meet venture-scale growth expectations. Entropy raised $25 million in a 2022 seed round led by a16z crypto, with participation from Dragonfly Capital, Coinbase Ventures, and others. Initially offering a decentralized alternative to custody providers like Fireblocks, the startup ultimately could not achieve sustainable growth. Pacific expressed gratitude to investors and indicated a personal shift away from crypto towards pharmaceuticals.

TheNewsCrypto01/26 06:21

Andreessen Horowitz-Backed Entropy Announces Shutdown

TheNewsCrypto01/26 06:21

Afghanistan's Stablecoin, An Unexpected Hub of Crypto Innovation

A surprising blockchain-based financial innovation is emerging from Afghanistan, despite the country's isolation under Taliban rule. HesabPay, an Afghan startup, has developed a platform that is transforming humanitarian aid delivery in conflict zones. The system uses digital wallets and stablecoins to transfer funds instantly, bypassing traditional banking obstacles like high fees and sanctions. The platform is now being used by major aid organizations. The UN Refugee Agency (UNHCR) has used it to disburse nearly $25 million to over 86,000 Afghan families. Mercy Corps partnered with HesabPay to extend its services to Syria, where cash shortages and banking restrictions are severe, and is developing projects for Sudan and Haiti. Key advantages include reduced transaction costs, instant transfers, and enhanced transparency. The blockchain creates a digital record for every transaction, allowing donors to track exactly where funds go. The system also includes real-time dashboards and anti-fraud algorithms to flag suspicious activity like money laundering, providing a level of oversight difficult to achieve with physical cash aid. While risks exist, such as the potential for a central bank to shut down a national stablecoin, aid workers see the technology as a way to deliver assistance quickly, securely, and with greater accountability to rebuild trust in aid effectiveness. For beneficiaries like a Syrian farmer, it provides a lifeline to restart their lives after war.

marsbit01/26 06:13

Afghanistan's Stablecoin, An Unexpected Hub of Crypto Innovation

marsbit01/26 06:13

Developing 15 Products to Test Human Nature, This 'Dopamine Dealer' Became Musk's Product Chief

Nikita Bier, a 36-year-old product expert known for creating viral social apps like tbh and Gas, was appointed as the head of product at X (formerly Twitter) in June 2025. Under Elon Musk’s vision to transform X into a super-app integrating social, financial, and informational services, Bier has led significant changes—such as refining the recommendation algorithm, introducing Smart Cashtags for real-time stock and crypto data, and restructuring creator incentives. Bier’s career reflects a shift from idealistic tech solutions to leveraging human psychology for engagement. His early app Politify aimed to inform voter decisions through data but failed to change behavior. Later, he built tbh—an anonymous compliment app—which gained 5 million users and was acquired by Facebook. After leaving Meta, he created Gas, which monetized social validation and was sold to Discord for $50 million. At X, Bier is applying his expertise in emotional engagement and behavioral design to merge social interactions with financial activities. By analyzing user emotions—likes, shares, comments—X aims to prompt seamless in-app trading and payments, targeting financially anxious younger users who often turn to social media for investment cues. However, X faces challenges including entrenched user habits favoring specialized apps, regulatory scrutiny, and potential risks of encouraging impulsive financial behavior through emotional triggers. Bier’s strategy focuses on making financial actions a natural extension of social engagement—testing whether a Western super-app can succeed where others have failed.

marsbit01/26 03:35

Developing 15 Products to Test Human Nature, This 'Dopamine Dealer' Became Musk's Product Chief

marsbit01/26 03:35

OKX "New Year's Eve Dinner" Concludes: Industry Exchange Phase Wraps Up, New Journey of the Year of the Horse Begins

OKX's "New Year's Eve Dinner" event concluded on January 25, 2026, marking a year-end gathering for industry builders. Sponsored by partners like 0G and Base, the event brought together over 100 industry professionals and media representatives to discuss OKX's latest developments, industry trends, and practical insights. OKX CEO Star emphasized in a video address that the crypto industry is entering a new phase driven by technological advances, generational shifts, and global regulatory frameworks. He urged participants to focus on long-term value and maintain industry credibility. Star also highlighted OKX’s commitment to providing diverse, compliant, and user-friendly financial services globally. The company plans to expand its ecosystem by supporting more on-chain assets, including cross-chain and real-world assets (RWA), and enhancing products like X Layer, OKX Web3 Wallet, and OKX Pay. OKX’s Global Head of Marketing, Tianyi, noted that OKX now serves over 120 million users worldwide. The past year saw significant progress in compliance across key markets and partnerships with institutions like Standard Chartered, DBS, and Mastercard. Product innovations such as built-in DEX, yield-earning options, and AI-powered risk controls were also highlighted. Zakk, Head of OKX Wallet, shared that the wallet supports 140 blockchains, 30 of which include DEX integrations, and aims to improve security, self-custody, and user experience. Jason, Product Lead for OKX Planet Community, introduced the platform’s public testing phase—a community product integrating content, trading, and social features. Terrence, Head of Strategy Trading, announced the upcoming AI Trading Bot, which allows users to create and execute strategies using natural language, with plans to expand into on-chain trading and multi-asset management. The event included an awards ceremony recognizing contributors to content and community growth over the past year. OKX aims to make the "New Year's Eve Dinner" an annual platform for industry collaboration, promoting compliance, innovation, and the expansion of Web3 applications.

marsbit01/26 03:32

OKX "New Year's Eve Dinner" Concludes: Industry Exchange Phase Wraps Up, New Journey of the Year of the Horse Begins

marsbit01/26 03:32

Funding Weekly Report | 13 Public Funding Events, Superstate Completes $82.5 Million Series B Funding Led by Bain Capital Crypto and Distributed Global

Last week (Jan 19-25) saw 13 blockchain funding rounds totaling over $222 million. Key deals include: - **DeFi**: Superstate raised $82.5M in a Series B led by Bain Capital Crypto and Distributed Global to build an on-chain securities issuance layer. River secured $12M to expand cross-chain liquidity infrastructure. Cork raised $5.5M for tokenized risk markets. - **Web3 & AI**: Warden raised $4M for AI agent infrastructure. AKEDO secured $5M for AI-native content creation. Lazbubu received strategic funding for its AI companion agent on BNB Chain. - **Infrastructure**: ZBD raised $40M led by Blockstream Capital for Bitcoin-based gaming payments. Bitway raised $4.44M for Bitcoin L1 development. - **CeFi**: Argentine fintech Pomelo raised $55M to launch a stablecoin credit card and expand in Latin America. Additional notable AI deals outside the report included Humans& ($480M seed round) and Baseten ($300M round with $150M from NVIDIA).

marsbit01/26 03:14

Funding Weekly Report | 13 Public Funding Events, Superstate Completes $82.5 Million Series B Funding Led by Bain Capital Crypto and Distributed Global

marsbit01/26 03:14

2026 Davos Annual Meeting: How Did Web3 Giants Discuss the Future?

At the 2026 World Economic Forum in Davos, Web3 leaders and traditional finance executives debated the mainstream integration of blockchain technology. Binance founder Changpeng Zhao (CZ) argued that banks must adopt blockchain infrastructure to improve efficiency and prevent liquidity crises, advocating for 100% reserve models. He highlighted discussions with multiple governments on national asset tokenization and predicted a Bitcoin "super cycle," with crypto becoming essential "fuel" for AI-driven economies. Coinbase CEO Brian Armstrong clashed with the French Central Bank Governor, defending Bitcoin's decentralization and the right for stablecoin holders to earn interest. He asserted that tokenization enhances financial efficiency and democratizes investment access. Key traditional finance figures, including BlackRock's Larry Fink and Standard Chartered's Bill Winters, endorsed tokenization as the future of finance, emphasizing its potential to boost liquidity and reduce costs. However, they stressed the need for collaboration between banks and blockchain. The event also saw the signing of the "Davos Declaration 2026" by Web3 leaders, committing to principles like inclusivity, decentralization, sustainability, and regulatory compliance in advancing blockchain and AI technologies.

marsbit01/26 03:01

2026 Davos Annual Meeting: How Did Web3 Giants Discuss the Future?

marsbit01/26 03:01

Nietzsche Penguin Soars 6000x in a Week, Solana Meme Coin Reforging Glory?

The article discusses the resurgence of Solana meme coins, focusing on $PENGUIN (Nietzschean Penguin), which recently listed on Binance Alpha—the first "pure" Solana meme coin to do so in over a year. The token is inspired by a viral clip from Werner Herzog’s 2007 documentary, featuring a penguin walking alone toward certain death, symbolizing nihilism and defiance of societal norms. The meme gained renewed popularity on social media in 2025, often paired with the phrase "But Why," reflecting a desire for personal freedom and self-exploration. The narrative took a political turn when the White House X account posted an image of the penguin carrying a US flag alongside Donald Trump, referencing Trump’s repeated interest in purchasing Greenland. The posts framed Trump’s ambition as a form of heroic, "America-first" determination, despite widespread ridicule. This politicization amplified $PENGUIN’s appeal, drawing comparisons to earlier politically-themed meme coins like $PNUT. The token’s rapid growth—reaching a $100 million market cap within 10 days—and its Binance Alpha listing have sparked optimism among crypto traders, seen as a potential revival for Solana meme coins and renewed institutional support. The piece concludes by questioning whether this momentum can be leveraged into sustained success.

marsbit01/26 02:10

Nietzsche Penguin Soars 6000x in a Week, Solana Meme Coin Reforging Glory?

marsbit01/26 02:10

The End of the Arbitrage Era: Wall Street Withdraws from Bitcoin Basis Trading

The era of easy profits from Bitcoin basis trades is ending as Wall Street pulls back from this once-lucrative strategy. The cash-and-carry trade, which involved buying spot Bitcoin while selling futures to capture the price difference, has seen its annualized returns plummet from around 17% a year ago to just 4.7% today—barely covering funding and execution costs. This compression is largely due to increased market efficiency following the approval of spot Bitcoin ETFs, which attracted massive institutional inflows that quickly arbitraged away the premium. As a result, CME’s Bitcoin futures open interest has fallen below that of Binance for the first time since 2023, signaling a shift in market participation rather than a loss of confidence. While CME was the preferred venue for institutional basis trading, Binance’s dominance in perpetual contracts remains steady. The market is maturing: investors now have more tools—including ETFs to direct exchange access—to express directional views, reducing arbitrage opportunities. Despite lower interest rates, demand for leverage has decreased, and traders are increasingly using options and hedging strategies instead of directional bets. The decline in basis trading reflects a broader “tactical reset” as the market evolves toward more complex strategies beyond simple arbitrage.

marsbit01/26 01:19

The End of the Arbitrage Era: Wall Street Withdraws from Bitcoin Basis Trading