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Malaysia is probing Network School, founded by the former Coinbase CTO, over a controversy involving Israeli citizens’ participation in the project.

1 hours ago

According to BFM News, the Johor state government in Malaysia has requested the federal government to investigate Network School, founded by former Coinbase chief technology officer Balaji Srinivasan, over allegations that some Israeli citizens used third-country passports to participate in the project. The Johor government has asked the Ministry of Home Affairs and relevant law enforcement and security agencies to verify the identities, nationalities, and entry purposes of the individuals involved, and to probe whether Network School’s operations require registration or approval under Malaysian law. Authorities will also review whether the project complies with regulations on site permits, building use, land use, accommodation operations, and commercial activities, and will take legal action if any violations are found. It is understood that Network School is located in Malaysia’s Forest City, founded by Balaji Srinivasan. A private residential community built around his "Network State" concept, it charges membership fees starting at $1,500 per month and offers services including accommodation, catering, fitness, and co-working spaces.

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Bitmine's Ethereum staking revenue reached $45.7 million last quarter, accounting for 98% of its total revenue.

Bitmine Immersion Technologies’ latest 10-Q filing shows that for the quarter ended May 31, the company generated approximately $45.7 million in revenue from Ethereum staking and validation services, accounting for around 98% of its total revenue. In the same period, its self-mining revenue from Bitcoin came to about $624,000, while consulting services revenue was roughly $168,000. Bitmine previously disclosed that it has allocated roughly 85% of its ETH holdings to staking, equivalent to around 4.9 million ETH. Tom Lee, chairman of Bitmine, stated that with the full launch of MAVAN—its institutional-grade Ethereum staking platform—the company expects annualized rewards from its Ethereum staking business to reach approximately $284 million. Additionally, he noted that since its launch on July 1, Robinhood Chain has recorded over $1 billion in on-chain transaction volume, adding that this validates Ethereum’s utility as an underlying settlement network.

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Analysis: The US and Iran are trapped in a war of attrition in the Strait of Hormuz, with both sides facing time pressure.

As tensions in the Strait of Hormuz continue to escalate, analysts believe the U.S. and Iran are entering a war of attrition centered on time, cost, and political endurance. Reports indicate Trump aims to resolve the conflict before the U.S. midterm elections to avoid further oil price hikes, while Iran is seeking to prolong time without triggering full-scale war by repeatedly threatening shipping in the Strait of Hormuz, in order to wear down the U.S.'s political and military patience. To date, the U.S. has reinstated blockades on Iranian ports and maritime shipping, and has been striking military targets that threaten navigation; Iran, in turn, continues to target Strait of Hormuz shipping lanes with missiles and drones, attempting to disrupt global energy transport. Analysts note that with both sides seeking to avoid full-scale escalation, this standoff is likely to evolve into a prolonged war of attrition.

10 minutes ago

South Korean securities firms discuss raising minimum deposit requirements for chip stock leveraged ETFs.

The Korea Financial Investment Association (KFIA) announced that CEOs of 10 major South Korean asset management firms have discussed investor protection measures for individual stock leveraged ETFs, including raising minimum deposit requirements and staggering rebalancing trading times. Per the association’s statement, attendees agreed it is necessary to lift the minimum deposit threshold for investing in such leveraged products from the current 10 million won (US$6,714). They also emphasized the need to strengthen the market stabilizer function of liquidity providers. Citing data from the Korea Capital Market Institute, the KFIA noted that since the launch of related leveraged ETFs, daily stock trading volume required for rebalancing is estimated at between 700 billion won and 2.1 trillion won.

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Hyperliquid’s HIP-3 has completed the code auction for CXMT (Changxin Memory Technologies), with a final transaction price of 500 HYPE.

Hyperliquid HIP-3 has completed the auction of CXMT trading codes, with the final deal closing at 500 HYPE (approximately $32,600). The CXMT code corresponds to Chinese storage chip manufacturer Changxin Memory Technologies, and is expected to be listed on Hyperliquid’s IPOP market ahead of its IPO on July 27.

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Pump.fun has initiated token unlocks for its team and investors, with the first batch releasing approximately 57.28 billion PUMP tokens.

According to EmberCN’s monitoring, the one-year lock-up period for Pump.fun’s team and investor tokens has ended, officially entering a 3-year linear vesting phase. In the early hours of today, Pump.fun completed its first batch of token unlocks, releasing a total of approximately 57.279 billion PUMP tokens, valued at around $86.49 million at current prices, and distributing them to 121 wallets. Among these, wallet address GsM3...u6ya received approximately 52.039 billion PUMP (valued at ~$78.58 million), while address ESRc...ZM67 obtained around 5.24 billion PUMP (worth ~$7.91 million).

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Prominent crypto KOL Ansem stated on social media that meme coins continue to be a market favorite because they align more closely with ordinary users’ internet behavior habits. Compared to spending hours daily on social platforms like TikTok, Instagram, and X, most people only spend a few minutes each day using banking apps, making memes and internet culture inherently more engaging for users. Ansem noted that Dogecoin’s success stems precisely from attracting a group of users who would never buy stocks but are willing to purchase meme coins tied to familiar figures and internet culture. Once its asset size grows large enough, it further draws institutional capital into trading, creating a positive feedback loop. He believes many traditional investors underestimate younger generations’ affinity for memes, internet culture, and content, while the crypto industry offers a unique way to bet on these sociocultural trends via tokenization. The key to the industry’s future lies in converting the traffic and attention from retail investors into an ecosystem that generates long-term value, rather than relying solely on meme hype.

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