The Protocol: Polyhedra Promises Buyback Plan After Liquidity Attack

In this issue:

Polyhedra Blames Liquidity Attacks for Sudden 80% Price Drop in ZKJ, Promises Buyback
UK Startup Optalysys Debuts Server for Blockchains
Kraken-Backed Ink Foundation to Airdrop INK Token, Starting With Aave-Powered Liquidity Protocol

Network News

In Other News

A Securities and Exchange Commission (SEC) filing posted Monday night outlines the relationship between Tron DAO, Justin Sun, and SRM Entertainment, a Nevada company in the process of changing its name to Tron Inc. The filing details a $100 million private investment in public equity (PIPE) deal, paid entirely in TRX tokens, that gives Sun’s father, Weike Sun, board control and positions Tron-aligned advisors in key governance roles. Weike was named chairman, while Zhihong Liu, also known as Steve Liu, a strategic adviser to Tron DAO and the CEO of stablecoin issuer Techteryx, and Zi Yang, a senior executive at Tronscan, joined the board’s audit, compensation, and nominating committees, according to the filing. — Sam Reynolds Read more.
U.S. banking giant JPMorgan has announced the pilot of a permissioned USD deposit token called JPMD on Base, the layer 2 Ethereum network built by listed exchange Coinbase (COIN). Earlier this week, the bank filed a trademark application for a crypto-focused platform named JPMD, designed to to offer services such as trading, exchange, transfer, and payment services for digital assets, as well as issuance of digital assets. The institution-focused JPMD, an alternative to stablecoins for the bank’s clients, marks the first deployment of JPMorgan’s Kinexys distributed ledger technology studio on a public blockchain, according to a press release. — Ian Allison Read more.
Iranian crypto exchange Nobitex has been hacked for $90 million by Israel-linked hacking activist group Gonjeshke Darande, according to a blog post from blockchain security firm Elliptic. The group said in an X post: “After Bank Sepah, it was Nobitex’s turn,” referencing their Tuesday cyberattack on Iran’s state-owned lender. They warned that Nobitex’s internal data and source code would be released within a day, and any assets left on the exchange would be “at risk.” — Shaurya Malwa Read more.

Regulatory and Policy

The overwhelming bipartisan passage of the U.S. Senate’s stablecoin bill, with a 68-30 final vote that saw a huge surge of Democrats joining their Republican counterparts on Tuesday, sets a new high-water mark of crypto policy efforts in the U.S. as the legislation now heads to the House of Representatives. The major Democratic backing for the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act helps give it momentum as it lands in the other chamber, where House lawmakers can either vote on it as written or pursue changes that will require a final round in the Senate before it can head to President Donald Trump’s desk. — Jesse Hamilton Read more.