CoinDCX suspected of being stolen, El Salvador: No Bitcoin purchased since February

Headlines

▌ZachXBT: Indian exchange "CoinDCX" suspected of being stolen, the loss amount is about 44.2 million US dollars

"Chain detective" ZachXBT disclosed in his personal channel that the Indian centralized exchange "CoinDCX" was suspected of being stolen nearly 17 hours ago, with a loss of about 44.2 million US dollars, and has not yet disclosed this to the community. The attacker's address obtained 1 ETH of funds from Tornado Cash, and then bridged part of the stolen funds from Solana to Ethereum. ZachXBT added that the affected CoinDCX hot wallet was not publicly marked and had no latest reserve proof, so it had to be manually attributed by reviewing the counterparty. In addition, ZachXBT also reminded the community that he personally has no account on YouTube, and his personal channels are all public on the X platform. According to public information, in addition to the X platform, ZachXBT has only opened accounts on the Telegram and Farcater social media platforms so far.

▌Salvador's Finance Minister: No Bitcoin Purchased Since February

Salvador's Finance Minister and the Central Bank Governor confirmed to the International Monetary Fund (IMF) that the government has not purchased Bitcoin since the signing of the financing agreement in February 2025, the existing number of Bitcoins remains unchanged, and the relevant wallet addresses have been provided to the IMF for monitoring. This statement is inconsistent with President Bukele's public statement that "1 Bitcoin is purchased every day." The IMF said that the growth of Bitcoin balances only reflects internal integration and does not violate the financing agreement.

Market

As of press time, according to CoinGecko data:

BTC price is $118,642, up or down -1.7% in 24 hours;

ETH price is $3,544.14, up or down -1.6% in 24 hours;

BNB price is $725.90, up or down -0.4% in 24 hours;

SOL price is $176.23, up or down -1.7% in 24 hours;

DOGE price is $0.2418, up or down +5.0% in 24 hours;

▌US congressmen warn about the GENIUS Act, calling it a "Trojan horse" for central bank digital currency

US Congresswoman Marjorie Taylor Greene said the GENIUS stablecoin bill provides a "backdoor" for the government to create a central bank digital currency (CBDC), but it is disguised as a privately issued cryptocurrency token. The congressman pointed out that regulated stablecoins have "functional monitoring capabilities", making them essentially no different from CBDC. She added in another social media post: "This bill regulates stablecoins and provides a backdoor to central bank digital currencies. The Fed has been planning CBDCs for years, and this will open the door to a cashless society and bring you into a digital currency system that can be weaponized by totalitarian governments, who can control whether you can buy and sell things." Representative Green's remarks coincide with growing concerns in the Bitcoin and cryptocurrency community, and people are increasingly wary of the possibility that regulated stablecoins may be controlled by the state and eventually become a tool for government control.

Blockchain Applications

▌Polymarket to launch new market settlement system later this year

According to relevant documents, Polymarket will launch a new market settlement system later this year to deal with similar lawsuits related to Ukrainian President Zelensky.

▌Mastercard Global Policy Director: Geniu Act is a "turning point" for the mainstreaming of stablecoins

Mastercard Global Policy Director Jesse McWaters said that the United States has reached a "turning point" in stablecoin regulation and digital asset adoption, and the passage of the Genius Act has become a catalyst for institutional participation, marking a "new era of regulatory clarity and confidence in digital assets." The bill allows regulated entities (including banks and businesses) to issue dollar-backed stablecoins if they meet strict reserve, disclosure and compliance requirements. This is the first cryptocurrency-specific legislation in the United States to become law.

Cryptocurrency

▌The total holdings of the US spot Bitcoin ETF on the chain have exceeded 1.28 million BTC

According to Dune data, the total holdings of the US spot Bitcoin ETF on the chain have exceeded 1.28 million BTC, and now reach about 1.285 million BTC, accounting for 6.46% of the current BTC supply, and the value of the on-chain holdings has reached about 151.8 billion US dollars.

▌Dora announced that it would issue 500,000 Dora airdrop rewards to participants of the StakeStone USD1 full-chain vault

The USD1 ecological Meme project Dora will issue the first batch of 500,000 Dora airdrop rewards to participating users of the StakeStone USD1 full-chain vault officially supported by USD1. Previously, the USD1 LiquidityPad full-chain vault released by StakeStone has reached a deposit limit of 2 million US dollars, and the new deposit limit may be raised in the future.

▌A whale sold 270,000 UNI at an average price of $10, making a profit of $1.39 million

According to OnchainLens monitoring, a whale just sold 270,000 UNI at a price of $10 per coin, in exchange for 2.7 million USDS, realizing a profit of $1.39 million. The whale address still holds 155,471 UNI, with a market value of approximately $1.56 million.

▌Binance Alpha ERA's market makers may be GSR Markets and Amber Group

According to Ai Yi, an analyst on the chain, ERA (Caldera) market makers may be GSR Markets and Amber Group, with Amber Group making 2.5 million tokens and GSR Markets making 2 million tokens.

Important Economic Dynamics

▌The UK Treasury is considering selling 5 billion pounds worth of Bitcoin to make up for the fiscal deficit

British Chancellor of the Exchequer Rachel Reeves is considering selling the government's seized cryptocurrencies to ease the country's fiscal pressure. The Home Office is working with the police to develop an official cryptocurrency storage system to handle sales of Bitcoin and other digital currencies. It is estimated that the UK government holds at least £5 billion worth of seized cryptocurrency. One 2018 enforcement operation seized 61,000 Bitcoins from a Ponzi scheme, worth more than £5.4 billion at current prices.

▌Tim Draper: Macroeconomic factors will weaken the impact of the Bitcoin halving cycle

Macroeconomic factors, including the depreciation of the US dollar (USD), will weaken the impact of the Bitcoin halving cycle. The cyclical fluctuations of the Bitcoin market boom and bust since 2009 are due to this halving cycle. Tim Draper, founder and partner of venture capital (VC) firm Draper Associates, pointed out in an interview. "The US dollar will disappear in the next 10 to 20 years," Draper said in an interview. "The world is changing, and we are witnessing it. We are in the midst of a major leap forward for human civilization," he added. Tim Draper noted that investors increasingly view Bitcoin as a "safety valve" against poor governance, distrust of banking institutions, fiat currency inflation, and geopolitical tensions, factors that are driving global adoption of the digital currency, which has a limited supply. The venture capital firm added: "If Bitcoin continues to fight the dollar in its current way, the impact of the halving event may be weakened because this trend may last longer. It will still be somewhat affected by the four-year cycle, but I think the impact will be weakened."

Golden Encyclopedia

▌What role do gold, oil, and BTC play in US reserves?

The US government has long relied on gold and oil as reserve assets, but with the growing popularity of Bitcoin among institutions, its potential role as a strategic reserve has been greatly enhanced. While gold has historically been the backstop of the monetary system and oil remains an important economic and security asset, Bitcoin represents a new type of digital reserve that challenges the traditional financial paradigm. The United States has large gold and oil reserves, but its Bitcoin holdings are relatively small, acquired primarily through asset seizures. Gold, oil, and Bitcoin each exhibit unique liquidity and market dynamics, with gold being the most stable, oil driven by geopolitical factors, and Bitcoin characterized by high volatility and 24/7 accessibility. Gold, oil, and Bitcoin all play a strategic role in the global economy, with gold being a hedge and oil influencing geopolitical stability. All of these assets have strategic and macroeconomic significance over time. Their narratives related to the broader capital markets may be just what is needed to attract investor interest. As institutional adoption grows, Bitcoin's strategic value as a hedge against inflation and government debt is increasingly recognized. Policy initiatives suggest that establishing strategic Bitcoin reserves could allow it to stand alongside traditional assets such as gold and oil in the future.