Report: Rug Pull Incidents in the Crypto Space Have Decreased, but Their Impact Has Grown

According to Iran's state television, Iranian officials have stated that the Strait of Hormuz remains closed after U.S. military forces violated a memorandum of understanding. The closure is intended to establish Iran's sovereignty over the waterway in line with the Islamabad Memorandum of Understanding. International crude oil prices are currently on the rise, with both WTI and Brent crude oil prices surging by more than 3.3%.

U.S. Central Command has stated that U.S. military forces did not conduct strikes on Iran's Kharg Island. (Jinshi)

According to Hyperliquid News, tradexyz will launch trading in China’s Shanghai Stock Exchange STAR Market 50 ETF futures contracts, and the relevant ticker has been acquired via auction.

Citigroup raises Western Digital (WDC.O) price target from $685 to $800.

Per Hyperinsight monitoring, as of press time, the SK Hynix (SKHX) contract on Hyperliquid trades at $1,245.4, with a 24-hour trading volume of ~$1.021 billion. The US ADR contract SKHY is priced at $153.69, with a 24-hour volume of ~$136 million. Based on the conversion ratio of 10 ADRs equaling 1 South Korean common share, SKHY’s equivalent price stands at $1,536.9, a $291.5 premium over SKHYNIX. This translates to a ~23.41% premium for the US ADR versus the South Korean stock, and a ~18.97% discount for the South Korean stock relative to the US ADR. On funding rates: SKHYNIX has an hourly rate of +0.06132%, with longs paying shorts. SKHY’s hourly rate is -0.00463%, with shorts paying longs, marking a 0.06595 percentage point gap between the two. This means a convergence trade position of "long SKHYNIX, short SKHY" would require paying high funding fees on both sides. Conversely, a reverse position would collect funding fees on both sides but bets on the US ADR premium continuing to widen. Still, two notable convergence trades exist among visible large addresses: - Address starting with 0x257: Longs 2,500.42 SKHX with 10x leverage, worth ~$3.115 million; simultaneously shorts 31,031.66 SKHY with 10x leverage, worth ~$4.776 million. Total position size is ~$7.891 million, with an unrealized profit of ~$339,000, the largest visible convergence trade. - Address starting with 0xf517: Longs 2,145.256 SKHX with 10x leverage, and shorts 22,223.39 SKHY with 5x leverage, with a quantity ratio of ~1:10.36, closest to the 1:10 ADR conversion ratio. Total position size is ~$6.093 million, with an unrealized loss of ~$389,000. -HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group, set it as admin, and enable "Send Messages" permission to automatically sync on-chain news.

Bitget has officially launched its platform-wide yield product "Cash Plus", offering users a new stablecoin demand deposit yield service, with the first phase supporting USDT and USDC. The product balances profitability, liquidity, and capital efficiency: users earn daily compound interest during the holding period, with support for instant 1:1 redemptions, real-time fund arrivals, zero fees, and no wear and tear. The initial reference annual percentage rate (APR) for the product is 4%, and actual returns will be adjusted dynamically based on market conditions. According to the plan, Cash Plus will be further integrated into Bitget's Unified Trading Account (UTA) in the third quarter. After integration, Cash Plus balances will continue to generate interest while being directly usable as trading margin, enabling a capital reuse experience of "trading while earning interest".