RaaS #473: BTC Crosses $124K!

ZachXBT Reveals DPRK Playbook, EF Denies Selling ETH, and Moar!

Ethena and Securitize are launching Converge, a high-throughput settlement layer bridging stablecoins and RWAs. Built on Arbitrum, Conduit, and Celestia, it unites institutional-grade infrastructure with DeFi composability.

Tron founder Justin Sun is suing Bloomberg to block the release of his “highly confidential” financial info. He claims public disclosure would cause irreparable harm, both financially and physically. Another lawsuit, Justin?

Mesh raised new funding from PayPal Ventures, Coinbase Ventures, and others, pushing its total capital to $130M+. The firm powers PayPal’s “Pay with Crypto” and enables 100+ crypto payment options with instant stablecoin/fiat settlement via its SmartFunding engine.

BNB Chain’s market cap hit $242.8B (+16.3%), led by BNB’s ATH (+11.7%), LINK (+46%), and SHIB (+15%). Mid-caps like XNY (+291%) and BIO (+107%) outperformed. DAAs, TVL, and DEX volume all rose. Meanwhile, Nasdaq-listed BNC bought $160M in BNB, signaling rising institutional demand.

Google triggered backlash after an unclear Play Store policy update sparked fears of a ban on non-custodial crypto wallets. Following public pressure from developers and crypto leaders, including Jack Dorsey, Google clarified that non-custodial wallets are exempt from the new rules.

Sportsbooks are getting Polymarketed. Onchain betting’s still janky for live markets and parlays, but no KYC, uncapped size, and better odds are a cheat code. Just needs a few killer apps to go mainstream. Polymarket’s already setting the lines.

Borrow rates are rising, but nothing to panic about yet. Aave mainnet, the largest onchain money market, shows borrow rates creeping up but still below the 10–15% red zone. Useful gauge for leverage in the system. When rates breach 15%, that’s typically your local top alarm.

Coinbase lost ~$300K after mistakenly approving token fees to 0x’s swapper contract, known to be unsafe for approvals. An MEV bot was waiting for this exact mistake and instantly drained the funds. Costly lesson on composability and contract hygiene.

PP what?

The comeback arc begins now. Our Chief Betting Officer went live with his daily Polymarket plays. Tune in to see how his bets panned out.

Yield maxis are looping hard: Pendle x Hyperliquid vaults hit ~15% APR delta-neutral, Gearbox stable pools offer 17.6% at 40x leverage, Sonic loops reach 77% APR via Aave, and Ethena’s USDe PT pools stack 90%+ when combining staking, loops, and points.

everythingempty joined threadguy to unpack Virtuals: from a $600M gaming DAO pivot to AI infra for agent commerce. 65%+ of crypto AI launches now happen on Virtuals. Butler x Base is their bet for mass adoption. Next: grow the agent economy and push utility onchain.

ZachXBT reveals DPRK ITW infiltration playbook: A hacked device exposed how five DPRK-linked developers ran over 30 fake identities using bought SSNs and Upwork/LinkedIn accounts. Leaked Google Docs detail their schedules, spending, and links to the $680K Favrr exploit.

Top Gainers: GTC, EDGE, WKC, SKL, GP.

Bitcoin hit $124,457 with $95.3B in daily volume and $130M+ in short liquidations. Fueled by ETF inflows and rate cut hopes, it’s now in its longest bull market ever. Q4 will test if the 4-year cycle still holds or if new demand has rewritten the playbook.

A wallet linked to the Ethereum Foundation swapped 1,695 ETH for $7.7M DAI, but it wasn’t EF. Hsiao-Wei Wang clarified that the sale came from an old ICO-linked wallet, not EF’s current treasury. Meanwhile, ETH is up 30% this week, closing in on its ATH.

GMX will compensate Arbitrum GLP holders affected by its July exploit with a $44M airdrop in GLV tokens, fully covering user losses. Users who hold their new GLV for 3 months can earn a share of a $500K bonus pool. Payouts mimic original GLP exposure: 25% BTC, 25% ETH, 50% stables.

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That’s all for today!