[News Brief] Apr 22, morning | Korea Exchange Triggers Circuit Breaker as KOSPI Plunges 8%

Korea Exchange Triggers Circuit Breaker as KOSPI Plunges 8%

According to Odaily, the Korea Exchange said a circuit breaker was triggered after the KOSPI index fell 8%, temporarily halting trading for 20 minutes.

A circuit breaker is a mechanism that temporarily suspends trading to stabilize the market when an index moves sharply.

White House Continues Reviewing Structure of Strategic Bitcoin Reserve

The White House said the Trump administration is continuing to review the optimal structure of a Strategic Bitcoin Reserve in order to implement the president’s plan.

The source is Bitcoin Magazine. The Strategic Bitcoin Reserve refers to a policy concept related to how the U.S. government could hold and manage Bitcoin.

Tether Plans Native USDT Issuance on the Bitcoin Network

Tether plans to issue USDT natively on the Bitcoin network through RGB Protocol v0.11.1, PANews reported, citing Bitcoin Magazine.

The rollout will be led by UTEXO. The RGB protocol combines client-side validation with the Lightning Network to provide instant payments and privacy features, while its security is based on Bitcoin’s UTXO model.

Users will be able to process USDT using Bitcoin addresses and send and receive USDT over the Lightning Network through compatible wallets. The service is expected to launch within the next few weeks, with a possible public release in July also being mentioned.

Spot Bitcoin ETFs See $266 Million in Net Inflows on July 6

According to SoSoValue data, U.S. spot Bitcoin ETFs recorded total net inflows of $266 million on July 6, Eastern Time.

BlackRock’s IBIT posted the largest inflow of the day at $209 million. IBIT’s cumulative net inflows reached $60.203 billion.

Grayscale Bitcoin Mini Trust BTC saw net inflows of $42.25 million. Meanwhile, Grayscale’s GBTC recorded net outflows of $44.45 million.

The total net assets of spot Bitcoin ETFs stood at $77.318 billion, representing 6.04% of Bitcoin’s total market capitalization. Cumulative net inflows were $51.345 billion.

BonkDAO Loses About $20 Million in Malicious Governance Proposal Attack

According to Wu Blockchain, BonkDAO, the governance organization of the Solana-based meme coin BONK ecosystem, suffered a malicious governance proposal attack that drained about $20 million worth of BONK from its treasury.

BonkDAO said it has identified the exchange account used by the attacker to purchase BONK before the proposal and is currently working with exchanges, bridges, and the Solana Foundation on the response.

U.S. Spot XRP ETFs Record $6.5451 Million in Net Inflows on July 2

U.S. spot XRP ETFs posted net inflows of $6,545,100 on July 2, Eastern Time, according to Odaily, citing SoSoValue data.

All of the inflows during the period came from the Bitwise XRP ETF alone. The Bitwise XRP ETF’s cumulative net inflows were recorded at $501 million.

As of the time of reporting, total net assets of spot XRP ETFs stood at $988 million, and the XRP net asset ratio was 1.47%. Cumulative net inflows reached $1.487 billion.

U.S. Spot SOL ETFs Record $8.3598 Million in Net Inflows on July 6

According to SoSoValue data, U.S. spot SOL ETFs recorded daily net inflows of $8,359,800 on July 6 local time.

All of the day’s inflows came from the Bitwise Solana Staking ETF (BSOL). BSOL’s cumulative net inflows totaled $907 million.

At present, total net assets of spot SOL ETFs stand at $957 million, with a SOL net asset ratio of 2.00%. Cumulative net inflows were $1.144 billion.

DCG and Barry Silbert Face Reconsideration of Fraud Claims in Genesis Yield Lawsuit

A U.S. federal district court in Connecticut has decided to reconsider common-law fraud claims against Digital Currency Group (DCG), its founder Barry Silbert, and others in the Genesis Yield lawsuit.

According to Odaily, Judge Stefan Underhill partially revised a decision issued in February this year and accepted the plaintiffs’ argument that state-law claims may be brought under the Class Action Fairness Act. Claims under federal securities law will also continue.

The lawsuit concerns the now-bankrupt Genesis Yield lending program. Investors allege that Genesis misled customers about its financial condition and risk management problems before halting withdrawals and filing for bankruptcy in early 2023.

However, the court dismissed or stayed certain consumer protection claims from some states. With this decision, the question of whether DCG and Silbert bear fraud liability has re-emerged as a central issue.

Watcher.Guru Says U.S. Crypto Clarity Bill Must Be Processed by Aug. 7

According to Watcher.Guru, the U.S. crypto clarity bill must complete the legislative process by Aug. 7, before the Senate begins its summer recess.

The bill is designed to clarify regulatory authority and standards for the digital asset market and is drawing attention as part of broader efforts to bring cryptocurrencies further into the U.S. regulatory framework.

Visa Onchain Dashboard Shows Adjusted Stablecoin Volume at $1.79 Trillion in June

According to Visa’s Onchain Dashboard, adjusted stablecoin transaction volume reached $1.79 trillion in June. In the first half of the year, USDC accounted for about 70% of total volume.

According to CoinDesk, Circle’s USDC made up about 70% of adjusted stablecoin transaction volume in the first half of this year, widening the gap with Tether’s USDT, which accounted for about 25%.

Adjusted volume in June rose 63% from May, while total volume for the first half of the year reached $8.82 trillion.