The company updated its terms to prohibit the purchase or sale of weapons “in contravention of applicable laws,” suggesting that legally permissible transactions were possible. Stablecoin issuer Circle updated its policy for one of its tokens to clarify rules around prohibited transactions, explicitly addressing the use of legally obtained firearms and weapons. Crypto sleuths and reports from this week noted that Circle had updated its terms for its USDC (USDC) stablecoin. The terms specifically stated that the platform had the “right to monitor and, if appropriate, block or otherwise prevent transactions” related to the purchase of firearms, ammunition, explosives and other weapons. However, users noted that Circle had updated the terms to include weapons “in contravention of applicable laws,” suggesting that US-based users and others could legally purchase firearms using the stablecoin. Read more
The hack was one of the “most sophisticated” attacks so far in 2025, according to Deddy Lavid, CEO of blockchain security company Cyvers. The team behind decentralized finance (DeFi) protocol Balancer published a preliminary post-mortem report on Wednesday, detailing the cause of the exploit that siphoned $116 million across DeFi markets. Balancer was hit by a sophisticated code exploit on Monday that affected Balancer v2 Stable Pools and Composable Stable v5 pools, while all other pool types remained unaffected, according to the report. The hacker used a combination of BatchSwaps, which allow the user to bundle multiple actions in a single transaction, including flashloans — short-term loans borrowed and repaid within the same transaction — and an exploit of the upscale rounding function that affects EXACT_OUT swaps in the Stable Pools. Read more
ETH’s flash crash to $3,050 cleared out $1.3 billion in leveraged long positions, creating a market imbalance with $7 billion in short liquidity. Will a short squeeze send ETH above $4,000? Key takeaways: Ether dipped to $3,055, wiping out $1.3 billion in long liquidations across exchanges. Over $7 billion in short positions near $4,000 sets up potential for a sharp squeeze. Read more
Tangem Pay enables users to spend Circle’s USDC stablecoin worldwide through a virtual Visa card that connects directly to Tangem’s self-custodial hardware wallet. Cryptocurrency wallet company Tangem has launched Tangem Pay, a virtual Visa card connecting directly to the hardware wallet and allowing users to spend stablecoins at millions of merchants worldwide. Launched in collaboration with US payment infrastructure company Paera, Tangem Pay enables users to deposit and spend Circle’s USDC (USDC) stablecoin on the Polygon network, Tangem said in an announcement shared with Cointelegraph on Wednesday. “Once the user deposits into their Tangem Pay account, they can spend anywhere Visa is accepted, regardless of the local currency,” Tangem Pay CEO Marcos Nunes said, adding that the solution supports Apple Pay and Google Pay for instant Visa payments. Read more
The mining hardware maker said it's refocusing on its core business of ASIC chip design and high-performance computing equipment as it scales production in the United States. Bitcoin mining hardware maker Canaan Inc. has secured a $72 million strategic equity investment from Galaxy Digital, Weiss Asset Management and Brevan Howard’s digital asset arm, Brevan Howard Digital. The transaction, announced on Tuesday, will bolster the company’s balance sheet and reduce its dependence on future at-the-market (ATM) capital raises, it said. Under the deal, investors bought 63.7 million American depositary shares, representing Canaan’s Class A stock at $1.13 each through a registered direct offering. Founded in 2013, Canaan specializes in application-specific integrated circuit (ASIC) chip design and high-performance computing equipment. The company developed the first Avalon-branded Bitcoin mining rigs in 2013 and listed on Nasdaq in 2019. Read more
With a third of Bitcoin held at a loss, onchain data suggested that the market may be nearing a critical reset phase. Will BTC end the year above its range highs? Key takeaways: Around one-third of Bitcoin’s supply is now held at a loss, levels last seen in September 2024. Onchain metrics show rising short-term losses but moderate selling pressure overall. Read more