Crypto Weekly Roundup: GMX Hacked, Ripple CEO Called to Testify, & More

This week in crypto, GMX suffered a $42 million exploit, while President Trump’s Truth Social announced a utility token, and South Korea moved to officially support crypto firms as venture companies. Let’s find out more

Bitcoin

Bhutan’s sovereign investment fund, Druk Holding and Investments (DHI), made headlines on Wednesday by transferring 213.5 BTC, valued at $23.73 million, to a Binance deposit address. This marked the second consecutive week of sizeable transfers from the Himalayan kingdom, signaling an effort to capitalize on current market strength.

Business

Truth Social, the social media venture backed by Donald Trump, is preparing to launch a utility token tied to its subscription-based rewards program, marking the platform’s latest move into the digital asset space.

Australian crypto fund manager DigitalX has raised $13.5 million from a consortium of digital asset investors, signaling a renewed commitment to Bitcoin as the core of its investment strategy.

BlackRock’s flagship spot Bitcoin ETF, IBIT, has become the asset manager’s third-highest revenue-generating fund, sitting only behind the iShares Russell 1000 Growth ETF and the iShares MSCI EAFE ETF

Web3

SharpLink Gaming has purchased 10,000 ETH from the Ethereum Foundation in a $25.7 million over-the-counter (OTC) deal, and the first direct acquisition of ETH by a publicly listed company from the Ethereum Foundation

The emergence of AI OS isn’t about replacing long-established software; it’s about redefining work as we know it. By embedding human-like intelligence at the system level, these operating systems let small enterprises motor through their manual tasks and focus on sharpening their strategy.

Korea has taken the spotlight recently regarding crypto regulation, as the East Asian nation takes major steps toward digital asset regulation

Car racing champion and official Gleec Ambassador Aliyyah Koloc launched FOUNDATION 29 on July 1, 2025, a philanthropic initiative focusing on environmental protection, cultural heritage preservation, and support for individuals living with Asperger's syndrome

Bitcoin.com Casino rewrites the rules of crypto gambling with newly launched metaverse gaming, with multiple games, betting options, and an easy-to-navigate application.

Security

Decentralized derivatives exchange GMX has confirmed a $42 million exploit targeting its GMX V1 GLP pool on Arbitrum, prompting a temporary shutdown of trading and a white-hat bounty offer to the attacker.

Hackers attempt to deceive the owner of a dormant Mt. Gox-linked Bitcoin wallet by embedding phishing messages in blockchain transactions.

Regulation

Jonathan Gould’s appointment as Comptroller of the Currency is expected to shift the regulatory landscape for crypto in U.S. banking, raising both industry hopes and concerns over centralizing federal oversight.

South Korea’s government is set to reclassify cryptocurrency firms as venture companies, granting them long-denied access to tax breaks, financing, and government support in a significant policy shift aimed at strengthening the nation’s digital economy.

Brad Garlinghouse will address the Senate Banking Committee this week, urging lawmakers to expedite crypto market structure reforms as legislative efforts intensify in Washington.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice