Cross-border payment company Conduit sues Tether, demanding the unfreezing of $2.76 million in USDT and filing a claim for damages.

According to TradingBeats' monitoring, Ether (ETH) briefly dipped below $2,600. A long position of 3,728 ETH held by trader 0xcbab, valued at approximately $9.85 million, was fully liquidated within three minutes, incurring a loss of nearly $200,000.

ETH just dropped below $2,600. Trader 0xcbab got fully liquidated on his 3,728 $ETH ($9.85M) long in just 3 minutes.

Yilihua, founder of Liquid Capital, stated in a recent post that he has repeatedly warned of a potential market correction, noting Bitcoin has not yet broken below its key support level while altcoins have seen a broad-based pullback. He pointed out that he predicted a month ago Bitcoin would face a correction after rising to around $86,000. Yilihua added that a bull market spends most of its time in consolidation phases, with only a small fraction of periods marked by rapid gains and normal corrections—there is no such thing as a continuously rising bull market. He believes even if this correction is sharp, it is a normal occurrence within the bull trend, and advised investors not to try to trade constantly or seize every opportunity.

According to EmberCN, trader Frogman’s wallet was reportedly compromised approximately five hours ago, with around $4 million in assets transferred, sold, and converted into ETH, BNB, and SOL before being dispersed via tools including Privacy Cash and Chainflip. The stolen assets involve nine tokens: 1.43 million BP valued at ~$1.77 million, 13.96 million MarsCoin worth ~$1.55 million, and 3.7 million Cash Cat worth ~$510,000. The compromised wallet address has been flagged.

According to HTX market data, Bitcoin dropped below $84,000, with a 2.00% decline over the past 24 hours.

Pudgy Penguins founder Luca Netz announced in a post that project Abstract is being gradually wound down, with parent company Igloo Inc. shifting all its focus to developing Pudgy Penguins, Pudgy NFTs, and the PENGU token. Netz stated that Igloo has provided continuous funding for Abstract over the past 18 months, with total losses amounting to tens of millions of U.S. dollars in two years, yet the project failed to achieve product-market fit (PMF). He added that Abstract once processed over 300 million on-chain transactions, launched Portal and AGW, attracted multiple global brands, and built an active on-chain ecosystem. However, persistent issues including an insufficient DeFi ecosystem, limited liquidity, low institutional participation, and high costs constrained its growth. Coupled with declining market demand for related products, the company could no longer divert funds from its Pudgy Penguins business to support Abstract. Even after incurring eight-figure U.S. dollar losses, Igloo opted not to fund Abstract via token issuance or an initial coin offering (ICO), as it lacked sufficient confidence in sustained token demand. Netz also thanked the Abstract community, noting that as the project wraps up, the company will fully push Pudgy Penguins to become a global cultural phenomenon.