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Social Network Zora Jumps 43% as Token Creation Surges – Decrypt

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Social Network Zora Jumps 43% as Token Creation Surges – Decrypt



In brief

Zora token surged 43% in 24 hours, gaining 129% weekly and 1,566% monthly following strong platform adoption.
The Ethereum Layer-2 platform rewards creators for content sharing and was added to Base App in July for easier access.
Recent surge driven by spike in coin creation activity (47,000 new tokens Sunday) and new Binance futures trading pairs.

Zora, the native token of decentralized social network and content creation platform of the same name, is up 43% to $0.1372 in the past 24 hours.

The surge comes after remarkably strong performance in recent weeks. Zora has gained 129% in the past seven days and 1,566% over the past month, according to CoinGecko data.

The project, an Ethereum layer-2 network built with OP Stack, uses its token to incentivize and reward artists and musicians for sharing their work on the platform. It was launched on April 23, 2025, with 10% of the supply airdropped to early users.

The project’s airdrop was briefly tangled in some controversy.

In April, the official Base account posted content that automatically minted as a tradable token through Zora. It triggered a trading frenzy before people realized it wasn’t an official Base token. The asset shot to a $16.9 million market cap, then crashed 92% to $1.3 million within two hours.

A week later, the Zora team announced its airdrop and was accused of having coordinated the timing with the unofficial Base token mix-up.

According to Dune data, Zora activity had exploded around that time. Daily traders spiked 601%, from 40,638 the day before the campaign started to its all-time high on Sunday of 284,931. Throughout this period, the creator of Ethereum layer-2 network Base, Jesse Pollak, continued to wave the flag for the content coin movement as he posted on social media, went on a press tour, and continued buying tokens.

So it was a big boost for Zora when it was added to the Base App in mid-July, making it more accessible for retail investors. Users can mint their own tokens via the Zora platform without leaving the Base App, putting it in competition with other coin-minting platforms like the Solana-based Pump.fun and LetsBonk.

Since then, tokens created with Zora have reached market caps of up to $14.4 million, with brands like UK adult entertainment company FakeTaxi launching tokens.

Why is ZORA surging? 

No major news announcement from the Zora team itself seems to have precipitated the recent surge. But on-chain metrics show a spike in coin creation activity on Sunday, August 10th.

According to on-chain analytics from Dune, there were 47,000 new issuances from 21,000 creators, the highest levels reported since July 31st.

Zora is likely also benefitting from Binance, the world’s largest crypto exchange, launching ZORA/USDT and TAG/USDT perpetual futures trading pairs with up to 50x leverage late last month.

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Ant Group Denies Rumors of Plans For Rare Earth Stablecoins With PBoC – Decrypt

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Ant Group Denies Rumors of Plans For Rare Earth Stablecoins With PBoC – Decrypt



In brief

Chinese tech giant Ant Group has said claims it’s working on a rare earth RMB stablecoin are false.
It comes amid exploration of stablecoin uses by Chinese e-commerce firms.
Hong Kong’s stablecoin regulatory regime has been a key driver for increased interest.

Chinese tech giant Ant Group has denied online rumors that it is working with the People’s Bank of China (PBoC) to launch a rare earth-backed RMB stablecoin.

The company said over the weekend that several articles had misled investors by suggesting the project was in development.

“Ant Group has never had such plans with relevant institutions. The public is advised to pay attention and beware of being deceived,” it wrote on Weibo Sunday night.

The denial comes amid a wave of interest from Chinese companies in stablecoin technology as other countries shore up their regulations.

The interest, for now, is strictly international and not targeting domestic audiences. Chinese regulators sent out guidance to brokerages last month to cool off on publishing research and making public comments related to stablecoins amid concerns it was renewing domestic interest in cryptocurrencies.

Crypto trading is banned in China due to fears about financial regulation and economic stability.

Edwin Cheung, CEO of Gate Dubai and a former executive at Gate HK, told Decrypt he has seen strong enthusiasm from mainland Chinese companies with international arms for Hong Kong’s stablecoin regime.

“A lot of e-commerce firms, they’re super energetic about the Hong Kong regime,” he said. “They want to leverage on this regime, either to do their own stablecoin or use stablecoin technology or blockchain technology in their own payment network within their business.”

Ant Group and blockchain

Ant Group itself has active blockchain projects, including plans to integrate Circle’s USDC stablecoin into its blockchain platform once the token achieves full compliance in the U.S. under the GENIUS Act. It was also considering launching stablecoins backed by the Hong Kong dollar.

Other major Chinese firms are moving in the same direction. JD.com said in June it plans to seek stablecoin licenses in multiple countries to reduce the cost and time of cross-border payments.

The e-commerce giant aims to start with business-to-business transactions before expanding to consumer use.

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Bitcoin Price Closes in on All-Time High as Traders Await Key Inflation Data – Decrypt

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Bitcoin Price Closes in on All-Time High as Traders Await Key Inflation Data – Decrypt



In brief

Bitcoin has rebounded 4.5% since Saturday, nearing its mid-July record of $122,838.
Derivatives data shows a jump in open interest, pointing to a surge in leveraged long bets.
Traders are watching Tuesday’s CPI release for clues on potential Fed rate cuts.

Bitcoin is expected to break its all-time high this month as a positive macroeconomic outlook continues to support risk assets, including crypto, experts told Decrypt Sunday.

The weekend rally has helped undo losses witnessed last week, with Bitcoin up 4.5% since Saturday’s open and pushing the top crypto to trade just shy of its July 14 all-time high of $122,838, according to CoinGecko data. 

Open interest has also risen by 7,834 BTC alongside a surge in spot and perpetual buying volumes, data from derivatives platform Coinalyze shows, with signs the move has been primarily fueled by speculative long positioning.



“There’s still plenty of fuel left for this bull run,”  Sean Dawson, head of research at on-chain options platform Dervie, told Decrypt. Bitcoin is expected to hit “$150,000 before the end of the year,” based on volatility data he added.

Crypto prices climbed in the wake of last week’s rally in technology stocks, a surge that coincided with investor optimism over U.S. rate cuts and a sagging U.S. dollar.

The increased correlation between NASDAQ and Bitcoin “explains the recent price action,” crypto-focused intelligence newsletter Ecoinometrics wrote in a Sunday post on X. 

“Bitcoin may be digital gold, but it trades like a risk-on asset. What really matters is whether markets are in a risk-on or risk-off regime,” it wrote.

Markets are now turning their focus to the July Consumer Price Index report, due Tuesday. Economists expect a 10 basis point uptick in the annual inflation rate to 2.8%.

A softer-than-expected print could bolster expectations for a Fed rate cut as early as September.

“We’re seeing the confluence of a number of macro and political factors that could send prices soaring,” Dawson said. “Crypto typically performs very well in low-rate environment conditions.”

Still, some traders are positioning defensively. Dawson noted increased demand for put options, suggesting rising concern over a potential upside surprise in the inflation data.

That could cause a “mini panic,” and could lead to a “sharp downturn,” Dawson added.

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Japan’s crypto paralysis is cultural; tax cuts won’t fix it

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Japan’s crypto paralysis is cultural; tax cuts won’t fix it


The following article is a guest post and opinion of Maksym Sakharov, Co-founder and CEO of WeFi.

Last month, Japan’s Financial Services Agency proposed a wholesale reclassification of cryptocurrencies that would introduce a flat 20% tax on digital asset income and help introduce crypto exchange-traded funds.

For a long time, the country’s progressive tax system has imposed levies on crypto gains at rates of up to 55%, a factor many feel makes investing in crypto quite unattractive.

Institutionalized Inertia

However, this is not the only obstacle in the path of a potential Bitcoin ETF approval in Japan; it’s not even the most pressing. Late last year, Prime Minister Shigeru Ishiba seemingly dismissed the idea of crypto ETFs, questioning whether the government should promote digital assets like it does traditional investments.

His ruling coalition lost its majority in the upper house following a bruising contest that saw them fall three seats shy of the 50 needed to maintain their advantage. Yet, even as political control hangs in the balance—and Ishiba vows to stay regardless of the election outcome—one thing has remained consistent: Japan’s deep-rooted caution.

Ishiba’s noncommittal stance on ETF approvals is merely a symptom of a deeper malaise. The country’s regulatory reflex isn’t about consumer safety alone—it’s about an entrenched culture of compliance that resists risk at all costs. This mindset, not the much-maligned 55% crypto tax, is what’s truly stifling innovation.

The irony is that Japan was once ahead of neighbors like South Korea and Hong Kong. It recognized crypto as a means of payment back in 2017 and built some of the world’s earliest regulatory infrastructure. Furthermore, in the second quarter of 2024, Metaplanet kick-started a wave of Bitcoin buying by Japanese listed companies, amassing a treasury worth almost $2 billion in BTC at last count. And that’s not all. Progress has also been made in the development of stablecoins and crypto payments infrastructure, with Sumitomo Mitsui signing an MoU with Ava Labs and Fireblocks in preparation to issue fiat-pegged cryptocurrencies.

Yet, beneath these seeming success stories lies a bureaucratic labyrinth killing businesses. Under the current framework, small startups with dreams of offering virtual asset services have found it hard to meet the stringent requirements that include extensive documentation, a local bank account, a Japan-based compliance team, and at least 10 million yen in capital, among others.

Some may argue that the rules are there to protect users, and that’s valid. But couldn’t there be a happy balance between consumer protection and leeway for innovation? It almost feels like the FSA is isolating regulators from builders, with pencil pushers designing rules without stress-testing them against real-world tech constraints.

If taxes were the real barrier for Web3 innovation, the FSA’s proposed reforms would ignite a boom.

Reform Roadmap

To pivot from compliance to competitiveness, Japan needs to rewire some of its long-held approaches. For starters, the government must sunset the pre-approval model and adopt a quicker system that lets exchanges release tokens with post-launch audits. Here, tokens just need to meet baseline disclosure and security attestation requirements to be listed. Full regulatory and technical audits can then be conducted within 30 days of the launch. This way, investor protections are still preserved through enforceable audit sanctions and delisting authority, while at the same time dramatically reducing listing lead times.

The country’s regulators also have to launch dynamic sandboxes that could use zero-knowledge proofs for privacy-safe verification. There’s also a need for state capital injection. Japan could create a $500 million FSA-matched fund directly backing Web3 startups that meet security benchmarks, effectively giving it some skin in the game.

Finally, to foster cooperation and shake off its bureaucratic isolation, the financial regulator could seat tech founders on its advisory boards. This would give it a firsthand look at industry pain points, allowing it to shape policies with the end user in mind rather than to be defensive, status quo-preserving tenets.

These are not radical demands. They’re already standard in the jurisdictions that are now leading global crypto adoption.

Builders are watching. With populist parties like Sanseito gaining traction on “Japan First” rhetoric, the political winds are shifting. If Ishiba’s coalition falls, a new administration could usher in a more innovation-friendly era. But only if Japan’s regulators pivot away from their risk-averse DNA. Without that shift, tax reform will be cosmetic, ETFs will remain in limbo, and Japan’s early advantage in crypto will fade into history.

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A Russian Hacking Group Is Using Fake Versions of MetaMask to Steal $1M in Crypto – Decrypt

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A Russian Hacking Group Is Using Fake Versions of MetaMask to Steal M in Crypto – Decrypt



In brief

Russian hacking group GreedyBear has scaled up its operations and stolen $1 million within the last five weeks.
Koi Security reported that the group has “redefined industrial-scale crypto theft,” using 150 weaponized Firefox extensions.
This particular ploy involves creating fake versions of widely downloaded crypto wallets such as MetaMask, Exodus, Rabby Wallet and TronLink.

The Russian hacking group GreedyBear has scaled up its operations in recent months, using 150 “weaponized Firefox extensions” to target international and English-speaking victims, according to research from Koi Security.

Publishing the results of its research in a blog, U.S. and Israel-based Koi reported that the group has “redefined industrial-scale crypto theft,” using 150 weaponized Firefox extensions, close to 500 malicious executables and “dozens” of phishing websites to steal over $1 million within the past five weeks.

Speaking to Decrypt, Koi CTO Idan Dardikman said that the Firefox campaign is “by far” its most lucrative attack vector, having “gained them most of the $1 million reported by itself.”

This particular ploy involves creating fake versions of widely downloaded crypto wallets such as MetaMask, Exodus, Rabby Wallet, and TronLink.



GreedyBear operatives use Extension Hollowing to bypass marketplace security measures, initially uploading non-malicious versions of the extensions, before updating the apps with malicious code.

They also post fake reviews of the extensions, giving the false impression of trust and reliability.

But once downloaded, the malicious extensions steal wallet credentials, which in turn are used to steal crypto

Not only has GreedyBear been able to steal $1 million in just over a month using this method, but they have greatly ramped up the scale of their operations, with a previous campaign–active between April and July of this year–involving only 40 extensions.

The group’s other primary attack method involves almost 500 malicious Windows executables, which it has added to Russian websites that distribute pirated or repacked software.

Such executables include credential stealers, ransomware software and trojans, which Koi Security suggests indicates“a broad malware distribution pipeline, capable of shifting tactics as needed.”

The group has also created dozens of phishing websites, which pretend to offer legitimate crypto-related services, such as  digital wallets, hardware devices or wallet repair services.

GreedyBear uses these websites to coax potential victims into entering personal data and wallet credentials, which it then uses to steal funds.

“It is worth mentioning that the Firefox campaign targeted more global/English-speaking victims, while the malicious executables targeted more Russian-speaking victims,” explains Idan Dardikman, speaking to Decrypt.

Despite the variety of attack methods and of targets, Koi also reports that “almost all” GreedyBear attack domains link back to a single IP address: 185.208.156.66.

According to the report, this address functions as a central hub for coordination and collection, enabling GreedyBear hackers “to streamline operations.”

Dardikman saidthat a single IP address “means tight centralized control” rather than a distributed network.

“This suggests organized cybercrime rather than state sponsorship–government operations typically use distributed infrastructure to avoid single points of failure,” he added. “Likely Russian criminal groups operating for profit, not state direction.”

Dardikman said that GreedyBear is likely to continue its operations and offered several tips for avoiding their expanding reach.

“Only install extensions from verified developers with long histories,” he said, adding that users should always avoid pirated software sites.

He also recommended using only official wallet software, and not browser extensions, although he advised moving away from software wallets if you’re a serious long-term investor.

He said, “Use hardware wallets for significant crypto holdings, but only buy from official manufacturer websites–GreedyBear creates fake hardware wallet sites to steal payment info and credentials.”

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‘World’s First’ In-Club Art Gallery Launches With Works by Beeple, Mad Dog Jones – Decrypt

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‘World’s First’ In-Club Art Gallery Launches With Works by Beeple, Mad Dog Jones – Decrypt



In brief

Hï Ibiza, The Night League, and W1 Curates have launched the world’s first permanent art gallery inside a nightclub.
Installations include AR murals, large-scale sculptures, and mirrored LED gallery walls.
Exhibition lineup changes every two weeks, with some works available for purchase.

The world’s top-ranked nightclub has opened what its owners say is the first permanent art gallery inside a club, as part of an effort to blend nightlife with digital art.

Hï Ibiza, named the world’s best club by DJ Mag for four consecutive years, unveiled the gallery this summer along with Ibiza-based nightlife group The Night League and London digital art collective W1 Curates. The exhibition mixes digital and physical works, interactive installations, and custom-built display technology.

“From cinematic design to surreal architecture and cyberpunk storytelling, the gallery presents a curated selection of today’s most influential digital artists,” the organizers said in a statement.



The Hï Ibiza digital art installation is part of a broader push to bring digital and NFT art into physical venues. Bright Moments opened an NFT gallery in Venice, California, in 2021, and Web3 NYC Gallery followed in 2022 with a Genesis NFT exhibition in New York.

The space opens with a mural by British graffiti artist Mr Cenz at the club’s entrance. Visitors can scan the mural with the W1 Curates smartphone app to reveal an augmented-reality animation. Inside, works include two sculptures by British graphic designer and album cover artist KidEight—known for collaborations with Gucci Mane, Fabolous, 2 Chainz, and French Montana—and a six-foot green gummy bear by American street artist WhIsBe.

Other featured artists include Annibale Siconolfi, Ash Thorp, Beeple, Mad Dog Jones, Six N. Five, and Shiro. The lineup will rotate every two weeks during the summer season.

W1 Curates designed the main gallery space to adapt to each artist’s color palette, using large-scale projections and immersive lighting.

The gallery launch will include talks by W1 Curates, Seedphrase, Farokh—president and co-founder of Decrypt’s parent company DASTAN, Bitcoin historian and artist Smashtoshi, and artist Trevor Jones, followed by a DJ set in the Wild Corner.

The exhibition features “cutting-edge digital artists alongside additional physical works,encouraging guests to explore, pause and connect with the art beyond the dancefloor,” the organizers said.

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Nyan Cat Creator Calls Meme Coins ‘Wild West’, Claims $700K in Fees—But Denies Endorsement – Decrypt

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Nyan Cat Creator Calls Meme Coins ‘Wild West’, Claims 0K in Fees—But Denies Endorsement – Decrypt



In brief

Nyan Cat creator Chris Torres has redeemed nearly 4,000 SOL (worth $706,000) in royalties from tokens launched on the Bags platform.
One Nyan Cat token hit a $12 million market cap.
But Torres views meme coins as the “wild west” and won’t endorse any tokens, preferring to focus on his 15-year art career.

Chris Torres, the creator of the iconic internet meme Nyan Cat, is apprehensive about getting involved in the world of meme coins, despite issuing a number of NFT collections in the past.

The artist told Decrypt it’s because he views meme coins as the “wild west.”

Still, Torres has claimed more than $700,000 in fees from the Bags token launchpad. It allows anyone to launch a token on the platform and assign royalties to a user on X. The platform has housed countless tokens sending royalties to Torres, most notably a Nyan Cat token that touched a $12 million market cap on Thursday.

“I am grateful for what is happening with that platform. I’ve never had this kind of support before, and the funds will help my family a lot,” Torres told Decrypt. “I’m still respectfully cautious about things though, ultimately I don’t know who launched what, who sniped supply, or who to trust.  It’s definitely still the wild west out here.”

The Puerto Rican-born artist disclosed that he has redeemed almost 4,000 SOL, which is currently worth just over $706,000, according to CoinGecko.

But Torres was clear that he does not think of accepting the funds as granting his endorsement to any token or platform—nor is he comfortable with creating an official token.

“Right now, I’m focused on the art I’ve been making for over 15 years,” Torres explained. “I know the coin space can be profitable and fun, but it’s also hectic, and there is nothing worse than having to pick up the pieces if one person decides to mess with a coin. I’m not totally opposed to the idea, but I have been getting more fulfillment from the art side of things.”

How did Nyan Cat get here?

Nyan Cat is an 8-bit animation of a cat with a Pop-Tart body flying through space, leaving a rainbow trail behind it.

The meme, based on his own Russian Blue cat named Marty, was originally posted to a comic site by Torres in 2011. It was later uploaded to YouTube with a Japanese song called Nyanyanyanyanyanyanya, which became synonymous with the meme.

Since then, Torres has been riding the wave of being an artist and has mingled with several classic meme creators.

In 2021, he sold a one-of-one NFT of the iconic GIF for 300 ETH, or $690,000 at the time.

On the back of this, Torres claims to have tapped into his OG meme network to help them also sell NFTs. This list included the likes of Keyboard Cat, Bad Luck Brian, Scumbag Steve, and more—all selling for at least five figures.

Torres also helped out the creator of Trollface, known as Carlos Ramirez, sell his classic meme as an NFT for 42 ETH, or approximately $69,000 at the time.

Recently, the Trollface artist has similarly found himself amid meme coin mania as a Troll token touched a $200 million market cap on Wednesday.

However, the Troll token was created on Pump.fun, which doesn’t easily allow for royalties to be shared with artists, as is the case with Bags. Despite that, a slew of Bags tokens have also been launched in honor of Ramirez. But he has refused to endorse a token, claiming that crypto “diminishes” art due to traders’ thirst for profits.

That said, the Trollface artist ruled out pressing legal action against the tokens. Nyan Cat creator Torres took a similar stance, claiming that legal action is only worth an artist’s time in a “serious case” due to how time-consuming and stressful it can be.

“As an artist, it’s important to find a balance between protecting your IP and letting something exist as a meme,” Torres said. “If the art is used respectfully, then there’s never been a problem.”

Over the years, Torres has collaborated with several projects to create NFT collections. This includes a 2023 Reddit Nyan Cat collection, which he says caused the social media site to temporarily go offline due to the number of people attempting to buy the NFTs.

“Most people think I am not even a part of crypto or hate it,” he said. “But I’ve been at it for almost five years and it’s been life-changing for me personally in a good way.”

Torres added that despite meme coins being the hot thing right now, he still believes that NFTs are a more natural fit for art.

“Coins are definitely harder to get into than art for a new artist,” he told Decrypt. “I think with [NFT] art, people will focus on the work itself, how it makes them feel, and everything lives in a neat collection that can be viewed as a gallery of works. With coins, the moment you launch you’re expected to keep that chart going up.”

“That being said, [meme] coins can be art,” Torres added. “It’s all about the execution.”

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Public Keys: Coinbase’s Convertible, Core Combo Fight and Block’s Bitcoin Play – Decrypt

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Public Keys: Coinbase’s Convertible, Core Combo Fight and Block’s Bitcoin Play – Decrypt



In brief

Coinbase is raising $2 billion in convertible notes for acquisitions and general corporate purposes amid analyst concerns over Q2’s 25% revenue drop.
Two Seas Capital, Core Scientific’s largest shareholder with 6.3% stake, opposes the $9 billion all-stock sale to CoreWeave as “inadequate valuation.”
Block Inc. added 108 Bitcoin to its corporate treasury in Q2, bringing total holdings to 8,692 BTC worth approximately $1 billion with 273% paper gains.

Public Keys is a weekly roundup from Decrypt that tracks the key publicly traded crypto companies.

Coinbase Convertible Raise

Crypto exchange Coinbase is raising a little spending money—just $2 billion—in convertible notes.

Sure, we hear this kind of thing a lot when it’s Bitcoin and Ethereum treasuries. But the San Francisco-based company said this raise will be used for “general corporate purposes” and “acquisitions of other companies, products, or technologies.”

The announcement landed right after some analysts (not all), decided they didn’t like the look of that 25% revenue drop in Q2.

Compass Point moved COIN from the Neutral to Sell column, saying that the revenue miss was confirmation that the company’s retail trading business is “getting disrupted” by decentralized exchanges and ETFs.

That could help explain why Coinbase just rolled out decentralized exchange trading in its app for its U.S. users.

More worrying, though, was the fact that subscriptions and services didn’t have more to contribute, the analysts said. That’s the line item that covers the premium Coinbase One memberships, stablecoin revenue, staking, and custody services.

With the presidential ink dry on the stablecoin-regulating GENIUS Act, USDC issuer Circle a few months into its tenure as a publicly traded company (remember, they have a revenue sharing deal), and the proliferation of digital asset treasuries—analysts were expecting that segment to overperform.

Core Combo Fight

One of Bitcoin miner Core Scientific’s top investors wants to cut the music on the Core fusion dance.

Two Seas Capital, Core Scientific’s largest active shareholder with a 6.3% stake, intends to vote against a $9 billion all-stock sale to CoreWeave, saying in a press release Thursday that the offer represents an “inadequate valuation.”

The firm said it has established such a large stake in Core Scientific because it believes it’s a strong contender to build “critical, high-performance computing infrastructure at scale”—the infrastructure very much needed to power the artificial intelligence boom.

Two Seas, which is also an investor in CoreWeave, said the structure of the deal shortchanges CORZ investors and leaves them absorbing volatility from CRWV.

“In our view, the transaction decidedly and unfairly favors CoreWeave at the expense of Core Scientific shareholders,” the firm added, chiding the board for not entertaining offers from other suitors.

The vote hasn’t yet been scheduled, but it’s expected to take place before the end of the year.

Meanwhile, Core Scientific reported its Q2 earnings after the bell on Friday. But there was too much potential merger fracas for an actual earnings call.

“Due to the pending transaction with CoreWeave, Inc., which was previously announced on July 7, 2025, the Company will not be hosting a conference call or webcast to discuss its second quarter fiscal year 2025 results,” the company said.

Block Hearts Bitcoin

Block Inc. added 108 Bitcoin to its corporate holdings in Q2, bringing its total corporate holdings to 8,692 BTC—worth approximately $1 billion at the current price.

Keep in mind, Block CEO Jack Dorsey has been a fan of Bitcoin since is earliest days. It should be no surprise that the company’s shoring up its own BTC treasury.

With an average cost of $31,248 per BTC, the company’s sitting on paper gains of 273.29%. But the more interesting data point comes from the Bitcoin the company sold—but not its own.

Block Inc. allows people to buy Bitcoin through its very popular Cash App. And of the $6 billion in revenue the company saw in Q2, $2.14 billion of it was generated just from Bitcoin sales in the app.

That Bitcoin revenue shows only a slight slowdown from Q1, when the company reported $2.3 billion in revenue from Bitcoin. If Block Inc. wants to see its 2025 Bitcoin revenue top last year, it’s going to need to see things pick up mightily in the back half of the year.

In 2024, Block reported $10.2 billion worth of Bitcoin revenue for the whole year—meaning that it’s lagging behind that mark now.

But Dorsey had promises of other Bitcoin news during yesterday’s earnings call: “We’re going to have some news very, very soon,” he said of Proto, the company’s Bitcoin mining initiative.

And, wouldn’t you guess it, Proto has a deal locked in to sell its Bitcoin mining chips to none other than Core Scientific in one of the largest ASIC agreements ever signed.

Other Keys

Bullish makes it official: Crypto exchange Bullish formally registered its initial public offering with the SEC, aiming to raise $629 million at a valuation between $3.8 and $4.2 billion. This will be the company’s second attempt at going public, after calling off a SPAC merger in 2022.

Buying the Solana dip: When alts take a breather, treasury companies line their coffers. DeFi Dev Corp bought up $18 million worth of Solana on Monday, bringing its total holdings to 1.23 million SOL.

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Harvard Reveals $116 Million Investment in BlackRock Bitcoin ETF – Decrypt

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Harvard Reveals 6 Million Investment in BlackRock Bitcoin ETF – Decrypt



In brief

Harvard University and Brown both have Bitcoin exposure.
Regulatory filings show that the top universities bought positions via BlackRock’s iShares Bitcoin Trust.
A number of top institutions have done the same thing since the historic approval of Bitcoin ETFs.

Top universities Harvard and Brown are the latest institutions to buy exposure to Bitcoin, according to regulatory filings. 

The Harvard Management Company, a wholly owned subsidiary of the university, has a $116 million position in BlackRock’s iShares Bitcoin Trust, a 13F form filed with the Securities and Exchange Commission shows. 

Not one to be left out, Brown University—which first bought exposure to Bitcoin in May—upped its position in BlackRock’s ETF and now holds $13 million worth of shares, a similar filing shows.



Neither Brown nor Harvard immediately responded to Decrypt‘s request for comment.

The filings are the latest examples of traditional institutions seeking exposure to the biggest cryptocurrency by market cap. 

Crypto ETFs like BlackRock’s Bitcoin Trust—which trades as IBIT—allow investors to buy exposure to the leading cryptocurrency without having to own and store the digital coin directly. 

BlackRock’s IBIT is the most successful crypto ETF: The fund has received more cash than any other crypto ETF and currently has $86.3 billion in assets under management. 

Other major institutions have bought exposure to Bitcoin, once an arcane and obscure asset, since the January 2024 approval of the ETFs. 

A flood of capital has entered the crypto space since the funds started trading, with investors previously too intimidated by things like storing digital coins in crypto wallets now able to easily buy a position. 

Pension funds and U.S. states have all bought exposure to Bitcoin via the ETFs over the past year, along with more traditional investments like tech stocks and other U.S. equities.

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Bumps in the Machine: OpenAI’s GPT-5 Rollout Stumbles Into the Spotlight – Decrypt

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Bumps in the Machine: OpenAI’s GPT-5 Rollout Stumbles Into the Spotlight – Decrypt



In brief

Developers report regressions in coding ability, raising doubts about GPT-5’s “reasoning powerhouse” claim.
Rollout frustrations mount as older models vanish and access differs sharply across pricing tiers.
PR stumbles and ethical concerns deepen skepticism around OpenAI’s most ambitious model yet.

OpenAI’s much-hyped launch of GPT-5—touted as a groundbreaking leap in artificial intelligence—has instead hit a familiar snag called reality.

The company billed the model as its most advanced yet, but early users say the rollout has been anything but seamless. Reports of sluggish performance, erratic outputs, and missing features have fueled growing skepticism about whether GPT-5 and OpenAI can deliver on its promises.

On Friday, OpenAI CEO Sam Altman offered a mea culpa on X for all of the company’s promises and mistakes.



“Rolling out to everyone is taking a bit longer,” he wrote. “It’s a massive change at big scale.”

Altman acknowledged the rocky rollout, conceding it was rougher than OpenAI had planned.

“We will continue to work to get things stable and will keep listening to feedback,” he said. “As we mentioned, we expected some bumpiness as we roll out so many things at once. But it was a little more bumpy than we hoped for!”

Here’s a breakdown of the early complaints and controversies surrounding GPT-5 and what it might signal for the future of AI rollouts.

Performance Woes: Less Chatty, More Clunky

Many users on the Free and Plus tiers say GPT-5 felt lazy, slower, shorter, and more robotic than before.

Slower responses, shorter replies, and a more robotic tone prompted comparisons to early-generation bots rather than an “expert-level” AI. Some even argue it’s a step backward, especially when compared to the snappy and contextual GPT-4o.

“Incredible how ChatGPT Plus went from essential to garbage with the release of GPT-5,” wrote Nillion Network CTO John Woods on X.

Hyperbolic Labs co-founder and CTO Yuchen Jin called the model a letdown—still prone to hallucinations, overusing em dashes, and struggling to follow instructions.

“I miss 4o, 4.5, and o3. The big router keeps failing me,” he wrote. “Turns out I liked the long model list…please, get my friends out of the funeral.”

And while OpenAI marketed GPT-5 as a reasoning powerhouse, users say it often needs heavy-handed prompt engineering just to perform at the level expected.

“ChatGPT has some very serious bugs with routing for GPT-5,” Raindrop AI CTO Ben Hylak wrote. “Unless you say ‘think harder,’ almost every request gets routed to a much smaller model that is incredibly stupid and circular.”

Some developers flagged what they saw as regressions in basic coding skills with GPT-5 reportedly stumbling over fundamental programming concepts such as variable scope and initialization—a troubling sign for a model marketed as the future of intelligent agents and autonomous coding.

Worse, GPT-5 introduced “thinking modes” that operate like internal gears—but users can’t see or control them. The result? Confusion. One moment it’s a philosopher, the next it can’t tell how many Bs are in “blueberry.”

Rollout Frustrations: Where’s My Old Bot?

If you felt pushed into GPT-5, you’re not alone. Many users complain that older model options like GPT-4 and 4o were abruptly removed or made hard to access, leaving them stuck with a model they didn’t ask for.

The rollout has also exposed stark disparities between pricing tiers. Free-tier and Plus users get throttled with usage limits and a nerfed “mini” version, while Pro and Team subscribers access the full GPT-5 Pro. That’s nothing new—but in the context of widespread dissatisfaction, it’s particularly galling.

Even Pro users have reported delays, outages, and throttling during peak hours, suggesting that OpenAI may be struggling with capacity.

PR Misfires and Ethical Red Flags

Any high-stakes tech launch carries the risk of a PR faceplant, and GPT-5 delivered.

OpenAI drew criticism for using performance charts that some observers called misleading. The company also fumbled a basic math example during its live demo, a slip that raised eyebrows among both engineers and investors.

Ethical concerns also continue to dog the rollout, and GPT-5’s massive context window and AI agent abilities have reignited fears about misuse, ranging from fraud and misinformation to the creation of synthetic media designed to deceive. Longstanding issues such as algorithmic bias, privacy violations, and job displacement have returned to the conversation with renewed urgency, intensifying calls for regulation.

The Good News (Yes, There Is Some)

Not everything is broken. OpenAI claimed GPT-5 showed progress on several fronts: fewer hallucinations, less sycophantic flattery, and more consistent reasoning across a broader range of topics. Its larger context window means it can now track and integrate information across longer conversations, which is genuinely useful for power users.

The safety system has also been upgraded to offer more nuanced responses to sensitive prompts, though some still feel GPT-5 errs on the side of bland risk aversion.

For developers with the right prompts and patience, GPT-5 can produce impressive code and tackle complex reasoning tasks. But for many, it still falls short of the “game-changer” billing.

Conclusion: A Soft Launch in a Hard World

GPT-5’s debut offers a cautionary tale in AI development: technical prowess isn’t enough. Expectations are sky-high, and the margin for error is shrinking. Users want speed, accuracy, personality, and control—and they want it all the time.

OpenAI now faces the twin challenge of managing those expectations while continuing to iterate on a product that is, for all its flaws, still at the frontier of AI. The company’s rollout strategy may need as much fine-tuning as the model itself.

Because if this is the future of AI… it might need a patch.

Generally Intelligent Newsletter

A weekly AI journey narrated by Gen, a generative AI model.



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