The Yen trade haunting Bitcoin again

July 07, 2026

In partnership with

 

Reading time: 5 minutes

BONK’s treasury attack turns DAO voting into a capital test

Key points:

  • BonkDAO lost roughly $20 million after an attacker used BIP #76 to move 4.426 trillion BONK from the treasury through a passed governance proposal.

  • The incident exposed how low turnout, a 1% quorum, and the lack of execution delays or multisig safeguards can leave token-weighted DAOs vulnerable.

News - BonkDAO’s treasury was drained after an attacker used the project’s own governance process to pass a malicious proposal and transfer roughly $20 million in BONK tokens to a controlled wallet. The attacker reportedly spent about $4.4 million buying BONK across exchanges, assembled enough voting power to clear the DAO’s quorum, and pushed through BIP #76, titled “Sowellian BonkDAO.” 

BonkDAO said it has notified law enforcement and is working with exchanges, bridges, and the Solana Foundation to track and recover the funds.

A vote that became the exploit - The attack did not rely on a conventional wallet breach. It used the DAO’s token-weighted voting design, where a temporary voting majority could approve an onchain transfer. The proposal passed with limited participation, turning low turnout into a treasury-level security risk.

The missing guardrails mattered - The incident sharpened scrutiny of BonkDAO’s governance setup. Sources pointed to weak safeguards, including no timelock delay after approval, no emergency multisig override, and a quorum threshold that could be reached through concentrated token buying.

BONK now faces a confidence test - The market reaction reflected more than the stolen funds. BONK fell after the attack, exchanges including Upbit and Kraken paused token services, and the episode revived a larger debate over whether valid onchain transactions can still amount to theft when governance rules are used against the community.

Japan’s bond stress puts Bitcoin’s carry trade risk back on the table

Key points:

  • Japan’s 10-year bond yield climbed to around 2.85%, its highest level in roughly three decades, raising fresh pressure on global risk assets, including Bitcoin.

  • The weak yen is also pushing Japanese firms toward Bitcoin, XRP, and stablecoins, creating a split signal between treasury adoption and macro stress.

News - Japan’s bond market is becoming a bigger test for crypto’s latest rebound. The country’s 10-year government bond yield rose to its highest level since the 1990s, while the yen traded near multi-decade lows despite a record ¥11.73 trillion ($73.6 billion) intervention.

Bitcoin was still trading near $64,000 after recent macro relief, but rising Japanese yields have revived concerns that yen-funded carry trades could unwind across stocks and crypto.

The carry trade risk returns - For years, investors borrowed cheap yen to fund positions in higher-return assets. Higher Japanese yields make that trade harder to maintain, especially with yen short bets reportedly near $11.3 billion. The warning is simple: if funding costs rise too quickly, investors may sell risk assets to repay yen loans.

Adoption has a different driver - Japan’s weak currency is not only a stress signal. SBI VC Trade said Japanese companies are adding Bitcoin and XRP to diversify reserves beyond cash, while demand for USDC, RLUSD, and JPYSC has supported broader regulated crypto access. Its VCTRADE and BITPOINT services have now crossed 2 million registered accounts.

Leverage could amplify the shock - The macro risk is landing in a market already carrying heavy long exposure. Alphractal CEO Joao Wedson warned that unliquidated longs now dominate Bitcoin, Ethereum, XRP, and Solana, leaving major tokens vulnerable if a small pullback turns into a liquidation cascade.

Trade Real-World Events. Get $10 Free.

Start trading real-world events. With Kalshi, you can trade on things you already follow: inflation, elections, sports, and more. It’s simple: buy “Yes” or “No” shares on what you think will happen, and earn returns if you’re right.

To get you started, we’re giving you a free $10. Use it to explore the platform, test your instincts, and see how prediction markets work in real time.

Join thousands already trading the news and putting their knowledge to work.

Claim your $10 and start trading now.

Trade responsibly.

Dormant Bitcoin lawsuit raises questions about ownership and inactivity

Key points:

  • The Digital Chamber filed an amicus brief urging a New York court to dismiss a lawsuit seeking title to 39,069 inactive Bitcoin addresses.

  • The case could test whether dormancy, public blockchain data, and lost-property law can be used to challenge self-custodied Bitcoin ownership.

News - The Digital Chamber has stepped into a New York lawsuit over thousands of dormant Bitcoin addresses, warning that the case could create a dangerous precedent for self-custody. 

The suit, brought by Noah Doe and two Wyoming-based companies, seeks ownership of 39,069 inactive addresses that reportedly hold roughly 3.7 million to 3.8 million BTC, including some addresses associated with Satoshi Nakamoto. The plaintiffs argue that years of inactivity support an abandoned property claim under New York’s lost property law.

Inactivity is not surrender - The Digital Chamber pushed back on the idea that dormant wallets can be treated as abandoned property. Its brief argued that long-term inactivity can reflect holding strategies, cold storage, estate situations, or simple non-use, not an intent to give up ownership.

The private-key gap matters - The lawsuit also runs into a basic crypto reality: the plaintiffs do not control the private keys. Digital Chamber argued that granting paper title without access to the assets would create legal uncertainty for real wallet owners who may still control the addresses.

Old coins are already moving - The case is also being challenged by activity onchain. Galaxy Digital’s Alex Thorn said 31 listed addresses moved 17,527 BTC in June, while a pseudonymous defendant, John Doe 33, has appeared in court claiming control of one address. Court proceedings are paused until oral arguments scheduled for July 14.

Coinbase’s UK license tests how far a crypto exchange can stretch

Key points:

  • Coinbase secured UK investment services authorization from the Financial Conduct Authority (FCA), allowing it to expand into equities and derivatives alongside crypto.

  • Retail users will be able to trade equities, while derivatives access will remain limited to institutional and advanced traders under current UK rules.

News - Coinbase has received UK regulatory approval to offer traditional investment services, marking a major expansion of its product lineup in the country. 

The authorization allows retail users to trade equities on Coinbase for the first time, while institutional and advanced traders can access perpetual futures tied to crypto, equities, and commodities. The move fits Coinbase’s stated “everything exchange” plan, but the rollout still depends on UK market rules and future regulatory permissions.

Access expands, but unevenly - The approval does not open every product to every user. Retail customers gain access to equities, while crypto derivatives remain restricted because the FCA’s ban on retail crypto derivatives is still in place. That keeps Coinbase’s UK expansion broad, but clearly segmented.

Rules still set the ceiling - The license adds to Coinbase’s UK e-money license and crypto registration, giving it a wider regulated base before the country’s full crypto framework takes effect in October 2027. It also shows how exchanges may need formal authorization to move beyond spot crypto products.

The exchange label keeps shifting - Coinbase remains a crypto exchange, but its UK approval pushes it further into multi-asset territory. With equities, derivatives for advanced users, and tokenized stock plans in its wider roadmap, the company is moving closer to the territory already occupied by brokerages, fintech apps, and trading platforms.

Forget Nvidia and SpaceX - These 5 Stocks Could Soar Next

Everyone is watching SpaceX.

But Wall Street’s top-rated analysts are pointing to 5 different stocks right now.

MarketBeat’s Top 5 Stocks to Buy Now report reveals the names getting some of the strongest analyst support before the broader market catches on.

Interesting facts

  • Regulated crypto derivatives just crossed into always-on territory: CME Group launched 24/7 trading for its cryptocurrency futures and options on May 29, 2026, bringing regulated derivatives closer to crypto’s nonstop spot-market rhythm instead of Wall Street’s usual trading clock. 

  • Bitcoin’s data debate moved from theory into node policy: Bitcoin Core 30.0 raised the default -datacarriersize setting to 100,000, effectively uncapping OP_RETURN data relay within standard transaction-size limits, while still letting operators revert to the older limit through configuration. 

  • ENS canceled its own chain because Ethereum got cheaper: ENS Labs said in February 2026 that it would stop developing Namechain and deploy ENSv2 exclusively on Ethereum L1, after falling registration gas costs made a dedicated ENS rollup less necessary.

The Free Newsletter Fintech and Finance Execs Actually Read

Most coverage tells you what happened. Fintech Takes is the free newsletter that tells you why it matters. Each week, I break down the trends, deals, and regulatory shifts shaping the industry — minus the spin. Clear analysis, smart context, and a little humor so you actually enjoy reading it. Subscribe free.

Top 3 coins of the day

Aerodrome Finance (AERO)

Key points:

  • AERO held near $0.60 after printing a fresh HH, with $0.61-$0.62 as immediate resistance and $0.54 as the prior HL support.

  • DMI stayed constructive, with ADX at 36.85 and +DI at 29.02 above -DI at 15.45, though volume remained light at 6.51K.

What you should know:

AERO’s chart read like a structure-led climb, not a volume-led breakout. Price held near $0.60 after the Higher High Lower Low indicator marked a fresh HH, while the prior HL near $0.54 kept the recovery sequence intact. DMI supported that bias as ADX remained strong at 36.85 and +DI stayed above -DI, although volume was only 6.51K. The move also had clear protocol drivers: the July Aero merger will combine Aerodrome on Base and Velodrome on Optimism into one cross-chain model, while Predictive Allocation added an efficiency-focused upgrade. $0.61-$0.62 is the resistance area to monitor, with $0.54 as the key structure support.

Bonk (BONK)

Key points:

  • BONK slipped back around $0.0000042 after rejecting $0.0000050-$0.0000051, leaving $0.0000044 as the first reclaim area.

  • The AO stayed negative at -0.00000025, while volume rose to 9.83B, showing that the latest move was still weighed down by sell-side pressure.

What you should know:

BONK’s setup shifted from a support hold to event-risk damage after the token rejected $0.0000050-$0.0000051 and slipped back around $0.0000042. Price remained below the 9-day SMA near $0.0000044, while the AO stayed negative at -0.00000025, showing that the bounce had not repaired bearish momentum. Volume climbed to 9.83B during the sell-off, pointing to active exit pressure rather than quiet drift. The pressure came with a clear trigger: a $20M BonkDAO governance exploit passed through BIP #76, while stolen tokens reportedly moved toward centralized exchanges and Upbit suspended BONK deposits and withdrawals. $0.0000045 is the first reclaim area, while $0.0000040-$0.0000041 is the support zone to monitor.

MemeCore (M)

Key points:

  • M recovered near $1.50 after its late-June crash, but $1.70-$1.80 remains the next resistance zone before the rebound looks stronger.

  • Price stayed above the 9-day SMA near $1.30, while RSI held at 58.45 and volume sat at 1.17K, showing a steadier but lighter recovery.

What you should know:

M’s rebound was still a repair trade, not a full trend reset. After collapsing from around $2.80 to $0.40 in late June, price recovered near $1.50 and stayed above the 9-day SMA near $1.30. RSI at 58.45 showed momentum had normalized without reaching an overheated zone, but volume was light at 1.17K, so the latest bounce lacked the force seen during the first rebound. The main driver behind the move was the MemeCore Foundation’s $10M buyback initiative, alongside reassurances that no underlying issues were detected and that insiders had not offloaded tokens. On the chart, $1.70-$1.80 stands out as the next hurdle, while $1.30 and $1.20 continue to act as downside cushions.

How was today's newsletter?

Login or Subscribe to participate in polls.