BlockBeats will compile key industry news from the week of August 18 to August 24 in this article, and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Powell's "Dovish" Speech Causes Crypto Market Surge, Ethereum Hits $4887, Setting New All-Time High
On August 23, Federal Reserve Chairman Jerome Powell stated that the constantly "changing" economic risks provided the Fed with more justification for interest rate cuts. This statement indicated that Powell aligned himself with the "dovish" camp of the Federal Open Market Committee responsible for setting interest rates, also signaling that he might support a 25 basis point rate cut at the Fed's next meeting in September. Subsequently, the crypto market surged across the board, with Ethereum reaching $4887, setting a new all-time high, 44 months after its previous peak; BNB broke through $900, continuing to set new historical highs; the total crypto market cap returned to $4.1 trillion, rising 6.1% in 24 hours. Related articles: “With Rate Cuts Approaching, Will the Market Enter a Frenzied Bull Market After September?”, “After 1384 Days, Ethereum Finally Sets a New All-Time High, What’s the Next Milestone?”, “Full Text of the Most Important Speech by the Fed This Year, High Probability of Rate Cuts in September”
Kanye West Launches YZY MONEY and Token YZY, Which Surged to $3 Billion Market Cap Before Plummeting to $600 Million
On August 21, renowned rapper and influencer Kanye West announced the launch of YZY MONEY and the token YZY on social media. Within less than an hour, its market cap briefly surpassed $3 billion, before plummeting. According to information on the official YZY MONEY website, the tokenomics of YZY are as follows: 20% public issuance; 10% liquidity pool; 30% Yeezy Investments LLC (issuer); 20% team; 20% ecological development fund. Additionally, the official YZY Money documentation includes a "class action waiver" clause. On the 22nd, on-chain analysis indicated that the first buyer of YZY might be Naseem, a trader who spent $1.1 million investing in TRUMP this year and ultimately profited over $100 million. Related articles: “Some Information and Doubts About Kanye Coin YZY”, “Catching Trump, Choosing the Right YZY, Anonymous Trader Naseem Becomes Famous in Two Battles”
"Aave to Receive 7% of Total WLFI Tokens" Sparks Ongoing Dispute, Both Sides Stand Firm Without Conclusion
Aave officials and the WLFI team have disagreed over the statement "Aave will receive 7% of the total supply of WLFI tokens," leading to significant price fluctuations in the AAVE token. The timeline of the event is as follows:
On December 6, 2024, the WLFI team released a proposal to "launch an Aave V3 instance on the Ethereum mainnet," which was passed on December 13. According to the proposal, Aave, as a lending ecosystem partner of WLFI, will adopt the same reserve factor mechanism in this Aave V3 instance as in the main Aave instance. AaveDAO will receive 20% of the protocol fees generated by the WLFI Aave V3 instance and will obtain approximately 7% of the total supply of WLFI tokens for participation in future WLFI governance processes, liquidity mining, and promoting the decentralization of the WLFI platform.
On the evening of August 23, 2025, at 20:30, Aave founder Stani.eth responded to questions about "Is the WLFI and AAVE protocol still valid? Are they really building on Aave? There are many different rumors outside," stating that the protocol is still valid and prominently retweeted the view that "at current prices, the Aave treasury will receive WLFI worth $2.5 billion, making it one of the biggest winners in this cycle," calling it the art of trading, after which AAVE surged to $385.
At 22:32, a suspected member of the WLFI Wallet team, Dylan0x (@0xDylan), posted to deny the association with the proposal that "Aave will receive 7% of the total supply of WLFI tokens," causing AAVE to drop over 5% temporarily.
In the early hours of August 24 at 00:13, according to crypto media Wu Shuo, the WLFI team stated that the claim "Aave will receive 7% of the total supply of WLFI tokens" is false and is fake news. Subsequently, Aave founder Stani.eth responded in the comments of his tweet, stating that the proposal created by the WLFI team has been voted on and passed in Aave DAO, receiving approval from WLFI, and included a link to the proposal.
BlockBeats Note: There is currently no conclusion on this matter, and there is no official public channel to verify whether Dylan0x (@0xDylan) is a member of the WLFI Wallet team. Aave founder Stani.eth has spoken on behalf of Aave officials, while the WLFI team has not responded through official channels. BlockBeats will continue to track the progress of the event.
CMB International Securities Officially Begins Offering Virtual Asset Trading Services
On August 18, according to official news, CMB International Securities announced that it has officially begun offering virtual asset trading services. The CMB International Securities mobile application has launched virtual asset trading features, providing qualified investors with 24/7 virtual asset trading services. Qualified investors can directly participate in trading Bitcoin (BTC), Ethereum (ETH), and USDT through their virtual asset accounts. CMB International Securities is the first Chinese-funded brokerage in Hong Kong to obtain a license for virtual asset trading services.
US SEC Chairman: Only a Very Few Tokens Meet the Definition of Securities, A New Era for the Crypto Industry Has Arrived
On August 20, US SEC Chairman Paul Atkins recently reiterated his friendly stance towards cryptocurrencies, emphasizing that "very few" tokens fall under the category of securities. This statement marks a significant shift from the regulatory stance of the previous administration. While attending a blockchain seminar in Wyoming, Paul Atkins clearly stated: "The SEC will actively promote new ideas—tokens themselves do not necessarily, and may very well not, belong to the category of securities. In my view, very few tokens meet the definition of securities; it largely depends on their accompanying schemes and sales methods." This statement is the latest policy signal following the SEC's launch of "Project Crypto" last month. The initiative has been described by the chairman as an important part of the "modernization" reform of securities laws, aimed at promoting the on-chain transformation of US financial markets.
Huaxing Capital Partners with YZi Labs to Invest Approximately $100 Million in Special Allocation of BNB Assets
On August 22, according to an announcement from the Hong Kong Stock Exchange, Huaxing Capital announced a strategic cooperation memorandum with YZi Labs to support the application of BNB and the BNB Chain ecosystem and establish a mutually empowering partnership. The cooperation includes: a strategic BNB special allocation led by Huaxing Capital, which will invest approximately $100 million in a special allocation of BNB assets, intending to become the first Hong Kong-listed company to include BNB in a special digital asset allocation; promoting Web3 ecosystem-related initiatives and facilitating the listing arrangements for compliant trading of BNB on exchanges; and promoting real-world asset (RWA) funds and BNB Chain ecosystem projects.
A User Lost 783 Bitcoins Due to Social Engineering Attack, Resulting in Over $90 Million in Losses
On August 22, on-chain detective ZachXBT disclosed on his personal channel that on August 19, 2025, a victim suffered a social engineering attack, losing 783 Bitcoins (approximately $91.4 million) while being impersonated by customer service from a trading platform and hardware wallet. The stolen funds began to be gradually dispersed and transferred, with the attacker making multiple deposits to Wasabi. Coincidentally, this theft occurred on the anniversary of the $243 million theft from Genesis creditors.
Wormhole Foundation Competes with LayerZero for Acquisition of Stargate Cross-Chain Bridge, Proposes Bid Exceeding $110 Million
On August 21, the Wormhole Foundation announced that the LayerZero Foundation had previously proposed to acquire the Stargate cross-chain bridge and its STG tokens for $110 million, which Wormhole believes is too low and undervalues Stargate's strong growth. The Wormhole Foundation is preparing to submit a higher bid and has requested a five-working-day pause on the ongoing snapshot vote. Previously, the LayerZero Foundation proposed to acquire the Stargate cross-chain bridge and its STG tokens for $110 million. Related articles: “LayerZero's Acquisition of Stargate Faces 'Interference': Wormhole Requests Vote Suspension with a Higher Bid”
MetaMask Launches Its Native Stablecoin mUSD, Issued by Stripe's Bridge
On August 21, it was reported that MetaMask officially launched its native stablecoin MetaMask USD (mUSD). MetaMask USD will be launched later this year on the Ethereum and Linea networks. MetaMask stated that mUSD will be issued by Bridge, a stablecoin issuance platform under Stripe, and minted through M0's decentralized infrastructure. Additionally, mUSD will be fully backed 1:1 by "high-quality, highly liquid dollar-equivalent assets" and will achieve real-time transparency and cross-chain composability through M0's liquidity network. Related articles: “Eight Stablecoin Projects Worth Watching Recently”
US Stock BNB Treasury Company WINT Delisted from Nasdaq for Violations, Stock Price Drops 77% with Market Cap Remaining at $3 Million
On August 21, market data showed that US stock BNB treasury company Windtree Therapeutics (WINT) received a notice from Nasdaq on August 19, 2025, stating that its stock price had remained below $1 for too long, after multiple reverse splits and not meeting the usual grace period. Its common stock will be delisted from the Nasdaq Capital Market and transferred to OTC market trading on August 21. This news caused its stock price to plummet by 77.21%, leaving a market cap of only $3.152 million. Related articles: “The First BNB Reserve Company WINT Delisted, Is the 'Coin Hoarding Strategy' Failing?”
Crypto Exchange LBank May Launch US Listing Plan
On August 19, crypto KOL @_FORAB revealed that LBank may launch a US listing plan, as the platform "issued 250 shares of original stock to invited employees and required them to register their passports and identity information, but due to regulatory reasons, employees with mainland Chinese passports cannot participate in the original stock incentive."
LINK Surges Over 50% in Two Weeks, Likely Driven by LINK Reserve Program and On-Chain Whales Accumulating LINK
On August 18, market information indicated that LINK surged over 50% in the past two weeks. Chainlink launched the "LINK Reserve Program" at the beginning of August, converting on-chain oracle network revenue and off-chain enterprise service income into LINK token reserves proportionally. The reserve scale has now exceeded one million dollars, and in the long term, it will create supply shocks through a continuous buyback mechanism, enhancing the token's value capture ability. Additionally, on-chain data shows that whales are continuously accumulating LINK, with the number of large transactions reaching a seven-month high, indicating increased confidence among large investors in LINK. Related articles: “Why is LINK the 'Invisible Engine' of Institutional Bull Markets?”
Wyoming Issues the First State-Level Stablecoin in the US, FRNT
On August 19, FOX Business reporter Eleanor Terrett announced that Wyoming officially launched the Frontier Stable Token (FRNT), becoming the first state in the US to issue its own stablecoin. FRNT is backed by US dollars and short-term government bonds and is currently live on seven blockchains: Ethereum, Solana, Arbitrum, Avalanche, Polygon, Optimism, and Base. However, due to ongoing regulatory hurdles, the token is not yet open to the public.
Thailand Launches Tourist Wallet for Foreign Tourists, Cryptocurrency Function Still in Sandbox Phase
On August 18, it was reported that Thailand launched the Tourist Wallet for foreign tourists, allowing for QR code payments to exchange foreign currency for Thai baht, but the cryptocurrency exchange function has been suspended due to regulatory review. Cross-border QR code payments are currently only available in countries including Singapore, Malaysia, and upcoming partner countries. Tourists from other countries still face inconveniences when paying in Thailand, and the new wallet aims to address this pain point. Tourists can top up their wallets in the following ways: using cash at service provider counters, binding overseas debit or credit cards, or through overseas bank transfers. Merchants using card terminals can process up to 500,000 baht (approximately $13,800) per month, while small merchants can process up to 50,000 baht per month. Cash withdrawals are prohibited, and accounts can only be closed through redemption.
This Week's Major Financing: LM Funding America, DigiFT, Irys, EliseAI
On August 20, LM Funding America, Inc. (NASDAQ: LMFA), focused on Bitcoin asset management and mining, announced the completion of a $12.6 million registered offering and a $10.4 million private placement, raising a total of approximately $23 million. The net proceeds from this offering will primarily be used to purchase more Bitcoin for the company's asset management department.
On the 21st, on-chain RWA trading platform DigiFT announced the completion of a new round of strategic financing in August 2025, led by Japan's largest financial group SBI Holdings, with participation from Mirana Ventures, Offchain Labs (Arbitrum), Yunqi Capital, and executives from the global fintech sector. After this round of financing, DigiFT's total financing amount reached $25 million.
On the 21st, programmable data chain Irys completed a $10 million Series A financing, led by CoinFund, with participation from Hypersphere, Tykhe Ventures, Varrock Ventures, Breed VC, Echo Group, Amber Group, and WAGMI Ventures. This round of financing brought Irys's total financing amount to $20 million.
On the 21st, vertical AI startup EliseAI completed a $250 million Series E financing, led by A16z, with participation from Bessemer Venture Partners, Sapphire Ventures, and Navitas Capital. The company's valuation doubled to over $2.2 billion.
This Week's Popular Articles
“After the Crash 1194 Days Later, the $40 Billion Stablecoin Pioneer Faces Justice”
Do Kwon's life transitioned from a genius teenager in Seoul to a Stanford graduate and startup star, ultimately becoming the "King of Algorithmic Stablecoins" in the crypto world, only to become the central figure in the largest fraud case in financial history due to the Terra/Luna crash, which caused a global loss of $40 billion. His arrogance and ambition fueled the rise of his empire but also accelerated its destruction, leaving hundreds of thousands of investors with nothing, shattered families, and even some who took their own lives. Fleeing, forging passports, being arrested, and extradited, he gradually moved toward prison, pleading guilty in a New York court, awaiting a long prison sentence and hefty fines, while the losses of those victims can never be compensated.
“The 'Disappearing' Founders of Top Crypto Projects”
The "star founders" of the crypto industry are gradually fading from the stage: Jason Zhao of Story Protocol resigned as CEO to enter the AI field; Ethereum co-founder Gavin Wood stepped back twice before returning to lead Polkadot; EOS co-founder BM left early and became obsessed with theological studies; Rushi Manche of Movement Labs was ousted due to scandal; Ahmad Shadid of io.net stepped down before the token launch to pursue a new AI project; Mihailo Bjelic of Polygon exited gently due to ideological differences; and Cecilia of Morph stepped down amid power struggles and controversies. These stories reflect both idealistic farewells and messy exits, showcasing the ongoing intertwining and evolution of narratives and realities in the crypto industry.
“These 6 Individuals Are Becoming Solana's Tom Lee”
While Ethereum experienced a new stock effect due to Tom Lee's frenzied buying, the Solana community is also searching for its own "spokesperson." Among several candidates, the most recognized is veteran Wall Street fund manager Anthony Scaramucci, who not only has a long-term heavy position in Solana but also promotes it loudly through SkyBridge and his extensive network and media influence, even publishing "Solana Rising" to endorse it; in contrast, figures like Novogratz, Kyle Samani, and Joe McCann, while influential, are somewhat lacking in resources and public appeal. Therefore, Scaramucci is gradually becoming the bridge between Solana and traditional finance and the crypto market, seen as the most likely "Tom Lee of Solana."
“The Unluckiest Gemini Twins from 'The Social Network' Have Listed Their Token”
After Gemini submitted its IPO application to the SEC, it plans to list on Nasdaq under the code GEMI, aiming to become the third US-listed crypto exchange after Coinbase and Bullish. Despite the company generating $68.6 million in revenue in the first half of the year but incurring a loss of $280 million, the market's expectations for its fundraising of about $400 million are still heating up against the backdrop of a recovering US IPO market and the recognition of compliant platforms. The Winklevoss twins behind it, having bet on Bitcoin with the settlement money from their Facebook defeat, now have a net worth exceeding $10 billion, leading Gemini into the capital market with a "compliance faction" stance, completing a turnaround from social network regret to a resurgence in the crypto wave.
“Can BMNR Still Rise? Cathie Wood Discusses the Investment Logic of Ethereum Treasury BitMine”
Cathie Wood reflected on her investment journey in an interview, emphasizing the unexpectedly rapid adoption of stablecoins and her firm belief that Bitcoin will break the million-dollar mark in the next five years, with Ethereum becoming the core foundational layer for Agentic AI and smart contracts. She believes the US economy is transitioning from a "rotating recession" to recovery, with cutting-edge technologies like AI, robotics, and blockchain bringing about benign deflation and productivity improvements. In crypto assets, BTC, ETH, and SOL are ARK's core holdings, while Coinbase, Circle, and Robinhood are key related stocks. She advises young people to maintain an open mindset, be willing to try new things, and believe that the current bull market is expanding into more areas, with blockchain becoming an important force within it.
“ETH Short-Term Resistance: Which 'Ethereum Ecosystem' Projects Can Break Through First?”
ETH prices are approaching new highs, with institutional funds accelerating inflows, benefiting various multi-token projects in the Ethereum ecosystem: BMNR, ENA, PENDLE, etc., are gaining funding due to coin hoarding and buyback plans, while UNI and Fluid are introducing new trading models. LDO and AAVE are consolidating their advantages in staking and lending, CRV, SKY, and SPK are expanding their stablecoin systems, LINK is strengthening value capture, and PENGU has surged due to ETF concepts, collectively showcasing a prosperous pattern of capital and narrative resonance.
“After Record OKB Burn, How to Capture the X Layer Meme Market?”
OKB surged strongly after upgrading its economic model and burning 65.25 million reserved tokens, activating its L2 public chain X Layer ecosystem, leading to a resurgence of on-chain meme trends, with tokens like XDOG and OKAY quickly gaining popularity. Various launchpads such as DYORSWAP, Okay.fun, X MINT, OK MEME, and liquidity platforms like PotatoSwap have emerged on X Layer, while tools like Ave.ai and OKX Web3 are enhancing trading and data support. However, the overall ecosystem is still in its early stages, with a primitive trading experience and high risks, requiring users to cautiously navigate the market to avoid being trapped by the final bill.
“What is the Real Purpose of Tether's Stable?”
Stable is attempting to become the "Trojan Horse" of the stablecoin market by building dedicated infrastructure for USDT: it addresses existing pain points of high fees, slow settlements, and complex operations through gas-free transfers, sub-second settlements, and a simplified user experience. Initially attracting users with free seamless transfers, it plans to gradually expand into payments, DeFi, and institutional collaborations, ultimately positioning itself as the core hub of a global payment network, thereby pushing USDT out of the crypto circle and into mainstream finance and everyday payment systems.
“Overview of the Top Ten Award-Winning Projects at ETHGlobal NYC Hackathon”
The ETHGlobal New York 2025 hackathon concluded successfully, showcasing ten award-winning projects that demonstrate diverse innovative directions for Web3 applications: from the shooting game Rivals, which combines AR and blockchain incentives, to Primer, which supports crypto shopping payments, Swap Pay for multi-token combination payments, the savings lottery app Pumpkin Spice Latte, the hardware wallet integration tool Hardhat 3-Ledger, the digital inheritance solution Noah, the merchant stablecoin payment system Kyma Pay, transaction delay insurance TX Delay Insurance, the x 402-flash optimizing micro-payment experience, and the cross-chain asset management vault Pika Vault. These projects cover various fields including gaming, payments, DeFi, security, and cross-chain, highlighting developers' exploration and breakthroughs in real-world blockchain technology applications.
“If BTC Treasury Companies Choose to Sell, Will the Market Fall into a 'Death Spiral'?”
In recent months, treasury companies viewed as Bitcoin's "price moat" may instead become the leading force in driving down prices under price volatility and shareholder pressure: if low-quality companies are the first to sell Bitcoin to buy back stocks, triggering a price drop, other companies will be forced to follow suit to maintain valuations, creating a reflexive cycle where selling pressure transmits layer by layer, potentially leading even high-quality companies to capitulate. The result is that low-quality companies may stop losses early but lose their "diamond hands" aura, while the middle ground suffers the most by being forced to exit at low levels, leaving only a few steadfast believers to endure this chain reaction. This logic may also affect other asset treasuries, with ETH possibly having some buffer due to its high concentration.
“WLFI Lists on US Stock Market: Can Trump's $10 Billion Pull Up the Bull Market?”
ALT5 Sigma, through a $1.5 billion financing and collaboration with the WLFI stablecoin, has rapidly transformed from a fintech company with an annual revenue of only $20 million into the "Nasdaq treasury" of the Trump family. Amid the intertwining of offshore capital, Wall Street funds, and political token factions, ALT5 appears to be a compliant payment platform but effectively serves as a "legal backdoor" for WLFI and USD1 stablecoins, paving the way for a global payment network. Through ALT5, Truth Social, meme coins, and Bitcoin mining, the Trump family is building a shadow dollar system that combines political identity, media traffic, and financial tools, aiming to bypass Wall Street and the Federal Reserve to create its own parallel financial empire.
“Is the Era of 'Trading is Finance' Coming? CEX Launches Interest Subsidy War”
Coinbase has introduced new regulations offering up to 12% annualized tiered subsidies on contract collateral USDC, sparking industry discussions and seen as a competitive move aimed directly at Binance's BFUSD. Meanwhile, OKX has also launched the "automatic earning coins in trading accounts" feature, further bridging the gap between trading and finance. As major exchanges continue to roll out new mechanisms, users no longer need to choose between "maintaining liquidity" and "earning returns," significantly improving capital utilization efficiency, and the boundaries between trading and finance are gradually blurring. "Trading is Finance" may become the new standard for crypto exchanges.
KindlyMD, a medical company in Utah, completed its merger with Nakamoto Holdings in August 2025, fully transforming into the Bitcoin treasury company NAKA, investing $679 million to acquire 5,744 Bitcoins, driven by Bitcoin evangelist and Trump advisor David Bailey. Through PIPE and convertible bond financing, NAKA has gathered capital from the global Bitcoin industry, with investors ranging from Adam Back and Wu Jihan to Mexican billionaire Ricardo Salinas, creating a lineup that resembles a "Bitcoin Hall of Fame." NAKA aims to build a reserve of one million BTC, using MicroStrategy as a reference. Although facing short-term losses, its strategic goals are clear, marking a shift in the Bitcoin treasury model from single-company bets to a new phase dominated by cross-industry consortiums and institutional capital.
“Indirectly Holding 3% of Bitcoin, BlackRock's Accumulation Approaches Satoshi Nakamoto”
BlackRock has rapidly accumulated over 660,000 Bitcoins through the iShares Bitcoin Trust (IBIT), accounting for more than 3% of the total supply, making it one of the largest holders globally, second only to Satoshi Nakamoto, marking the entry of Bitcoin into a new era of institutionalization. The underlying logic is based on Bitcoin's scarcity, its hedging properties against dollar hegemony, and the trend of digital transformation, thus recommending a 1% to 2% allocation in a traditional 60/40 investment portfolio. The ETF model not only enhances Bitcoin's liquidity and legitimacy but also brings about centralization paradoxes and financialization risks, making its volatility potentially more correlated with traditional markets.
Futu is rapidly completing its cryptocurrency business layout in Hong Kong, Singapore, and the US, becoming a pioneer in the crypto transformation of Chinese brokerages. Its Q2 financial report shows that crypto-related asset balances have reached HKD 4 billion, with a peak daily trading volume of $40 million, and it is actively applying for a VATP license, aiming to create a compliant crypto exchange. With 27 million registered users, strong profitability, and an internet gene, Futu has a significant advantage in the fiercely competitive Hong Kong crypto market; at the same time, leveraging its global layout and Robinhood-style development path, it is driving rapid business expansion.
“Paradigm Conceives a New Type of Prediction Market: Can You Bet Without Counterparties?”
Opportunity markets are a private prediction market mechanism that bridges information discoverers and resource providers: ordinary music fans, researchers, or frontline observers can identify potential opportunities by betting, while record companies, funds, or institutions can capture clues and take action from price signals. Unlike traditional prediction markets, opportunity markets avoid issues of information leakage and lack of counterparties by only disclosing prices to initiators and setting "opportunity windows," allowing scout-like information to be aggregated under incentives while safeguarding institutional advantages. Although there are risks of blind trading, self-gaming, and exploitation by initiators, if it can rely on reputation, transparency, and a trustworthy execution environment, this mechanism is expected to become an important tool for decentralized scouting programs and early signal capture.
“The 'Identity Anxiety' of DeFi and RWA: Can Dressing Up as L1 Bring Technological Premium?”
Recently, DeFi and RWA protocols have been packaging themselves as Layer 1 to gain higher valuations, but most remain at the single product level, lacking sustainable economic benefits and ecological expansion capabilities, making it difficult to support the so-called "infrastructure" narrative. In contrast, true Layer 1 can form valuation premiums through native token value accumulation, ecological synergy, and network effects, while most application chains and RWA protocols are trapped in an identity crisis, neither resembling high-performance public chains nor achieving clear product-market fit. The future path lies in focusing on creating products that genuinely solve problems, forming sustainable fees and user retention, rather than relying on packaging concepts to obtain technological premiums.
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