A heavy 24-hour news cycle in crypto and adjacent tech markets was led by SpaceX’s first earnings report as a public company, which showed $7.8 billion in second-quarter revenue, 18,712 BTC on its balance sheet, and roughly $540 million in unrealized losses after Bitcoin fell 33% in the quarter. Coldcard’s wallet security incident kept escalating as the company urged users to migrate funds, while Galaxy Digital’s Alex Thorn said at least 15 attackers have now been identified through victim reports and on-chain tracing. In South Korea, Upbit and Bithumb both moved to list QUID, while on-chain flows highlighted a new wallet buying CASHCAT, a 40x leveraged BTC short on Hyperliquid, HYPE unstaking, and another Strategy-linked BTC transfer. Elsewhere, U.S. crypto policy centered on the CLARITY Act and fresh political friction around Trump’s TRUMP meme coin, while institutions expanded tokenized finance, staking, and custody services through Wells Fargo, BNY Mellon, Circle, Dinari, and Cloudflare. Markets also tracked BIP-110 activation risk, lower Bitcoin implied volatility, Ethereum staking policy debate, major AI infrastructure deals, and a long list of company, macro, and semiconductor updates.

Two Democratic U.S. senators, Elizabeth Warren and Richard Blumenthal, have asked the Securities and Exchange Commission to investigate President Donald Trump’s meme coin, TRUMP, according to CNN. In a letter to SEC Chair Paul Atkins, they said the project may amount to an illegal scheme and asked the agency to determine whether the token involved fraud or improper profit-taking. The letter also raised the question of whether the project resembles a crypto “rug pull,” including what the senators described as a possible “soft rug pull” in which market support is withdrawn gradually rather than through a sudden exit. The request comes after a sharp collapse in the token’s value. TRUMP, launched a few days before Trump’s 2025 inauguration, briefly surged after listing and reached a market capitalization of about $9 billion on Jan. 19, 2025. Its market value has since fallen to less than $400 million, down more than 95% from the peak. CoinMarketCap data cited in the report showed buyers who entered near the top are now facing losses of about 97%. Nansen had previously cited data showing that by the end of June, nearly 1 million investors had lost a combined roughly $3.8 billion on the token.

Discussion around X user @kimchi1x has flared up again after posts claimed he made $40 million from $TRUMP, the meme coin tied to U.S. President Donald Trump. The renewed attention stands out because kimchi is not widely known for posting trading calls or meme coin analysis. Instead, his account, which has nearly 80,000 followers, has mostly shown luxury food, cars, watches, and snapshots of a wealthy lifestyle. One recent post reached 25.6 million impressions, far above the roughly 500,000 impressions his earlier posts typically received. The claim has also drawn skepticism. According to the source text, there is no on-chain record publicly presented to verify the reported $40 million gain. Some X users questioned the authenticity of the wealth displays, with @sukie234 alleging that several images may have been AI-edited, while others suggested some of the items shown were borrowed. A separate interview conducted by meme trader Orangie before Trump launched the token offered more background on kimchi. In that interview, kimchi said he began trading meme coins in early April 2024, was making at least six figures a month by November 2024, showed a Solana wallet with a $150,000 balance on screen, and said he spent 15 hours a day scanning the chain for opportunities. The source text uses that interview, along with the timing of Trump coin’s launch, to frame kimchi as a product of the 2024–2025 meme coin cycle and the trading culture built around speed, attention, and relentless on-chain monitoring.

Robinhood reported the strongest quarter in its history, posting $1.31 billion in net revenue, $573 million in net income, diluted EPS of $0.62, and total platform assets of $369 billion. One of the standout figures came from its prediction market business, where event contracts generated $156 million in revenue, topping both crypto and equities for the first time. CEO Vlad Tenev also highlighted Robinhood Chain, saying its DEXs have processed more than $12 billion in volume, the network reached 100 million transactions at record speed, and TVL stands around $325 million. Outside the company, crypto markets were largely flat after the FOMC, with BTC at $64.8K, while SEC Chair Paul Atkins said the agency is prepared to draft crypto market rules on its own if the CLARITY Act does not move forward. The broader update also covered ETF flows, Coinbase ahead of earnings, MoonPay’s PayBox launch, Binance US’s plan to seek DCM status, and activity across meme coins, DeFi protocols, and NFTs.

Discussion around $TRUMP has returned to crypto social media, this time centered on X user kimchi1x and claims that he made $40 million trading the token. The account, which has close to 80,000 followers, contains no meme-coin trading posts and instead is filled with photos and videos showing luxury cars, watches and high-end meals. That contrast has fueled both fascination and skepticism. The report says one of kimchi’s latest posts reached 25.6 million views, compared with roughly 500,000 for earlier posts. Yet the alleged $40 million profit has not been verified through on-chain data, and some users on X have questioned whether parts of his wealth display were edited with AI or involved borrowed items. At the same time, a face-to-face interview conducted by meme-coin trader Orangie before the launch of Trump’s token offers some background. In that interview, kimchi said he started trading meme coins in early April 2024, was making at least six figures per month by November 2024, and spent 15 hours a day scanning the chain. He also said he had developed “PTSD” toward long-term holding after taking major losses in high-size positions in $POPCAT and other large-cap meme coins. According to the article, Orangie interviewed him on January 14, 2025, and kimchi had said he would stop once he made eight figures in U.S. dollars.

Anthropic said an unreleased version of its flagship model, Claude Mythos Preview, discovered two previously unknown attacks on cryptographic algorithms, including one targeting HAWK, a post-quantum digital signature system that had advanced to the third round of the U.S. NIST competition. According to the report, the attack cuts the cost of stealing HAWK’s smallest key from 2^64 operations to 2^38, or about 67 million times less work. Anthropic said fixing the issue would roughly double key sizes, weakening one of HAWK’s main selling points: compact keys and fast signing. The report also stressed that HAWK has never been deployed and that Bitcoin still uses ECDSA, so no live crypto system was broken by the finding. Even so, the development matters because a broad push toward quantum-resistant crypto infrastructure assumes that the replacement schemes are themselves secure. The newsletter also covered a range of market and policy developments, including gains in BTC and ETH ahead of the FOMC, public backing for the CLARITY Act from BlackRock, Fidelity, Franklin Templeton, Goldman Sachs, and SoFi, fresh ETF flow data, Zcash’s Ironwood activation, and a burst of meme coin trading activity led by PIPEDOG on Robinhood chain.

BlockBeats reported on July 29 that trader 0xLeaf, known on X as @3ethtomoon, said he is going through the "darkest moment" of his life after losing about 60 million yuan over the past month. In his post, he said all of the money he had in crypto had been wiped out. Public information cited in the report shows that 0xLeaf entered the crypto market around 2021 and had previously posted multiple 100x-style gains trading meme coins including BOME, MOONDENG, ACT, PNUT and TRUMP. After the TRUMP token frenzy, his account on a centralized exchange, or CEX, at one point reached $6 million. The report added that this year’s extreme AI-driven market swings have hit the once high-performing trader hard. The update focuses on the scale of his drawdown and the contrast with his earlier meme-coin success.

On-chain sleuth Specter said a wallet that Kimchi publicly shared in an X reply in April 2024 appears to be tied to trades made shortly after several token launches. According to the monitoring data, the wallet bought STAR within the same minute of deployment on May 30, 2024, spending 2.96 SOL, or $407, and later sold for $45,600. On June 11, 2024, it bought DADDY ANSEM two minutes after deployment for 4.94 SOL, worth $730, and later sold for $14,600. On June 26, 2024, it bought MUVA one minute after deployment for 2.9 SOL, worth $407, and later sold for $53,000. Specter also said clustering from an exchange deposit address identified five more wallets involved in the same MUVA launch bundle trade. At the same time, Specter said there is currently no verifiable evidence showing that Kimchi made eight-figure U.S. dollar profits from the TRUMP token.