- Bitcoin falls to $77,602, pulling back after last week’s record-breaking rally.
- Cronos halts operations after a ~$75 million Tectonic oracle manipulation hack.
- Sony and Warner sue Anthropic, seeking billions over alleged copyright misuse.
Bitcoin traded near $77,602, down 0.5% over the past 24 hours and up 0.4% for the week, pulling back after last week’s historic rally. Ethereum slipped 1.4% to $2,415, down 0.9% weekly. XRP fell 2.8% to $1.35, down 8.9% for the week, while Solana dropped 3.1% to $101.45, up 7.8% weekly. BNB eased 1.2% to $684.07. Total crypto market capitalization stood at $2.67 trillion, down 1.2% over the past day.
Trending Searches Show Mixed Small-Cap Activity
Seeker surged 175.7% to lead both trending searches and top gainers, followed by Pons, up 24.7%, and Pump.fun, up 14.0%. Among top gainers, AI XOVIA jumped 70.6% and Cortex added 65.6%, even as majors retreated from recent highs.
Cronos Network Suspended After Tectonic Exploit
Lending protocol Tectonic on the Crypto.com-linked Cronos Network suffered an oracle manipulation attack resembling the 2022 Mango Markets exploit, with an attacker pumping low-liquidity token TONIC roughly 100x in about 20 minutes before using it as collateral to borrow other assets, involving approximately $75 million.
Cronos halted the entire chain in response, trapping the bulk of the attacker’s funds. PeckShield confirmed only about $6 million had been bridged to Ethereum before the pause, leaving roughly $68 million stranded across addresses on Cronos.
Sony and Warner File Copyright Suit Against Anthropic
Sony Music Publishing and Warner Chappell Music sued Anthropic in federal court, accusing the company of illegally downloading and scrapping tens of thousands of copyrighted works to train its Claude models, with potential damages reaching into the billions if the court awards the maximum $150,000 per work.
The complaint names co-founders Dario Amodei and Benjamin Mann individually and alleges Mann personally downloaded millions of pirated books via BitTorrent. The suit follows Anthropic’s recent $1.5 billion settlement with the publishing industry in a separate case, and adds to existing litigation from Universal Music Group, Concord, ABKCO, BMG, and Round Hill Music.
Geopolitical Tensions Escalate Again
Iran’s Revolutionary Guard said it launched missiles at a US military base, with explosions reported near Iran’s Larak Island shortly after foreign media reported US bombing of military facilities there.
Whale and Institutional Activity Shows Selling Pressure
A whale moved $108 million worth of ETH across five major exchanges within a single day, following an earlier transfer of $125.94 million ETH originally sourced from Coinbase Prime. Wintermute transferred roughly $399 million in BTC to Binance over two days. Metaplanet moved 800 BTC (about $62.19 million) to Coinbase Prime, a transfer likely tied to a sale.
Against this backdrop, Michael Saylor posted “We’re ₿ack,” hinting Strategy may resume Bitcoin purchases after a quiet stretch.
IMF Flags Stablecoin Risks to Emerging Market Monetary Sovereignty
IMF Managing Director Kristalina Georgieva said at Jackson Hole that while stablecoins and tokenization could lower cross-border payment costs, they also risk exacerbating currency substitution and capital flow volatility, potentially weakening capital controls in emerging markets.
Her comments highlighted diverging institutional views forming globally, with the BIS favoring tokenized deposits over stablecoins, the ECB pushing central bank money on-chain, and the IMF acknowledging stablecoins’ practical efficiency while flagging emerging-market risks.
Related: Kevin Warsh’s Jackson Hole Speech Pushes Markets to Reprice Fed Rate Outlook
Kalshi Lands Exclusive US Open Partnership
Kalshi signed an exclusive deal with the USTA to become the official prediction market partner of the US Open, barring rival platforms from advertising at the venue or during broadcasts, including on ESPN. New USTA CEO Craig Tiley, who previously ran the Australian Open, was reportedly instrumental in finalizing the agreement ahead of this year’s tournament.
Wealth and Market Data
Altrata’s latest wealth report found the global billionaire count hit a record 3,795 in 2025, with combined wealth rising 12.8% to $15.1 trillion, driven largely by AI-related fortune gains. Meanwhile, large token unlocks are scheduled for next week, led by HYPE’s roughly $36.1 million unlock and SUI’s $10 million release.
Related: Bitcoin Heads Toward $80K With Bullish Leverage — But Is BTC Rally Still Healthy?
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