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

On-chain analyst Yu Jin’s monitoring shows that over the past week, GMGN has sequentially transferred 23,550 BNB in transaction fee revenue to the trading platform Pionex, valued at roughly $17.34 million.

US SEC launches a five-year innovation exemption, paving the way for eligible tokenized US stocks to trade via Automated Market Makers (AMMs) on public blockchains. Analysts from Goldman Sachs and Citizens Group believe Coinbase, Robinhood, and Circle could be early beneficiaries of this policy. The new framework mandates that tokens retain shareholder rights including dividends and voting rights, while imposing limits on the number of stocks and trading volume trading platforms can offer. Goldman Sachs notes that Coinbase’s existing tokenized stock products already meet multiple required criteria, and its institutional custody business and Coinbase Tokenize may also stand to benefit. However, Coinbase’s current trading platform operates on a Central Limit Order Book (CLOB); to run a trading venue directly under the exemption, it still needs to build AMM infrastructure or route trades to decentralized exchanges (DEXs) on Base. Robinhood currently offers stock tokens to non-US markets as derivatives, providing only price exposure without the full shareholder rights required by the framework, so it needs to further adjust its products. Robinhood has previously announced plans to add 1:1 stock redemption and voting rights features. Analysts also argue that the growth of on-chain securities trading may drive demand for tokenized cash, indirectly benefiting Circle, with USDC potentially used for settlement and collateral in on-chain markets.

According to on-chain analyst Yu Jin’s monitoring, over the past week, GMGN has sequentially transferred 23,550 BNB in fee revenue to the trading platform Pionex, valued at approximately $17.34 million.

According to DeFiLlama data, Solana-based token launch platform StonkFun generated $4.85 million in protocol revenue over the past seven days, surpassing the $4.39 million of Robinhood-linked crypto, stock, and meme coin launch platform Pons, and currently ranks 10th on the protocol revenue leaderboard.

Beating AI News Flash: Amid rising U.S. debates over AI security regulation, Nvidia CEO Jensen Huang is emerging as a key ally of the Trump administration on related issues. Trump recently called Huang, who was attending the All-In Summit in Los Angeles, stating "robots won't take over the world" and labeling growing concerns about AI and data centers as a "hoax." Major Nvidia clients including OpenAI and Anthropic have recently called for slowing the development of frontier AI models and strengthening regulation. Anthropic CEO Dario Amodei proposed slowing the pace of model capability improvements, a position backed by OpenAI CEO Sam Altman, Elon Musk, and Google DeepMind head Demis Hassabis. Huang takes a different stance, arguing that catastrophic predictions lack scientific basis, and model developers should ensure safety before product launch, with solutions relying on "traditional engineering methods." Trump's recent stance on AI security increasingly aligns with Huang's. The two have appeared together publicly at least six times during Trump's second term. U.S. Treasury Secretary Scott Bessent said this week that Trump's position on AI is fully aligned with Huang's.

Crypto analyst Darkfost posted that the known Bitcoin reserves held by addresses of over-the-counter (OTC) trading platforms have dropped to an all-time low, standing at around 123,000 BTC, down from nearly 500,000 BTC in September 2021. The continuous decline in OTC reserves could stem from multiple factors, including investors' growing preference for long-term BTC holdings, a more decentralized Bitcoin ownership structure, and miners and other market participants no longer primarily selling BTC via OTC channels. Additionally, some holders may prefer to sell directly on public markets. Regardless of the specific reasons, the sharp reduction in OTC reserves means fewer BTC are available for sale outside public markets. If buyer demand shifts more toward direct purchases on public markets, this could provide support for BTC prices.