The Block
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Industry-leading crypto news, research and data. Get The Daily: | AI news: @TheLatentCo
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THE BLOCK: Circle CFO Jeremy Fox-Geen plans to step down from the role after more than five years with the company, with his departure expected by the end of December unless a successor is appointed sooner.
Circle said it has begun a search for his replacement with the help of an executive search firm. $CRCL
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THE BLOCK: The U.S. Court of Appeals for the Sixth Circuit ruled against Kalshi in its fight with Ohio and Tennessee over sports-event contracts.
The court found that Kalshi failed to show the contracts qualify as "swaps" under the Commodity Exchange Act and, even if they did, the CEA does not preempt state gambling laws.
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THE BLOCK: Strive is pushing back on MSCI’s proposed index rules, saying it could be excluded without a clear definition of what counts as an "operating asset." $ASST
Strategy challenged the proposal earlier this month, but Strive says MSCI is asking a fair question and needs a rule companies can actually verify.
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THE BLOCK: A man was charged on Friday in Missouri for his role in a multi-million-dollar pig butchering scam, officials said.
"Pig butchering schemes are an increasingly prevalent and sophisticated form of fraud that have caused billions of dollars in losses to victims around the world," said R. Matthew Price, U.S. Attorney for the Western District of Missouri, in the statement.
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THE BLOCK: Binance-owned CoinMarketCap has acquired crypto derivatives data platform Coinglass. The deal has closed, and financial terms were not disclosed.
Coinglass said it will continue operating independently under its existing brand, with no changes to its website, app, API, or pricing.
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UPDATE: Bitget CEO says onchain tracing has confirmed $387.5 million was transferred to attacker-controlled addresses in Thursday’s incident, up from the previously reported $351.6 million after adding Zcash and Tron assets.
The exchange said the higher figure does not reflect additional theft and that the incident remains contained, while Mandiant and SlowMist continue their investigation.
Bitget has launched a recovery bounty program and said it plans to announce a withdrawal resumption plan by Sept. 26 at 4 a.m. UTC.
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THE BLOCK: Onchain data appears to show more than $170 million in crypto moving from Bitget hot and cold wallets to a single address over the past hour, including ETH, USDT, USDC, AVAX and BNB.
The destination address does not appear to be identified as a Bitget wallet and has also made multiple onchain swaps.
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Aave V4 on Base adds Coinbase tokenized stocks as collateral for USDC loans
TODAY ON THE STARTING BLOCK:
I'll give you the TL; DR on the Bitget hack situation.
Then we've got @Austin_Federa back in the Hot Seat as @doublezero launches reat-time data for @HyperliquidX.
Join us live on @TheBlockCo!
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Unpacking Bitget’s $350M hack, DoubleZero ships real-time Hyperliquid data service
THE BLOCK: Onchain data appears to show more than $170 million in crypto moving from Bitget hot and cold wallets to a single address over the past hour, including ETH, USDT, USDC, AVAX and BNB.
The destination address does not appear to be identified as a Bitget wallet and has also made multiple onchain swaps.
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THE BLOCK: None of the 15 major institutional investors interviewed by Bitwise reduced their crypto allocations during the roughly 50% market drawdown between October 2025 and April 2026.
Several bought more, while most reported crypto allocations of between 1% and 2% of investable assets, according to a new report.
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EXCLUSIVE: Galaxy adds $100 million in Sky's sUSDS to treasury, buys SKY token as firms deepen lending ties
EXCLUSIVE: Coinbase adds fixed-rate bitcoin-backed loans through Morpho Midnight
THE BLOCK: 'I'm not trying to bet which model wins, I'm betting on Power' @kevinolearytv on The Starting Block with @gazza_jenks
ICYMI: 'We have stuck our neck out over the last couple of months and attempted to call the bottom at 58K at the end of June, right around June 30 is when we saw the low so far in Bitcoin.' – @LowBeta, Head of Research at Grayscale from The Avalanche Summit
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ICYMI: @Securitize Head of Ecosystem Graham Ferguson unpacked how various approaches to tokenization impact protocols and builders at The Avalanche Summit
NEW: Polymarket is paying NBA star LeBron James $15 million a year under its recently announced endorsement deal, according to Front Office Sports.
The agreement focuses on promoting football, not basketball, with James reportedly set to earn more from Polymarket annually than from his current NBA contract.
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THE BLOCK: Ondo Finance’s subsidiary Oasis Pro Markets has joined DTCC’s Fund/SERV platform, becoming the first tokenization company to participate in the fund industry’s primary transaction-processing and distribution network.
The connection could allow Ondo’s tokenized funds to reach traditional fund companies, wealth platforms and service providers through a standardized integration rather than bespoke connections.
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