Wormhole has jumped into the bidding plans for bridging service Stargate, promising a bid above LayerZero’s initial $110 million token-swap proposal.

It wants the Snapshot vote delayed so the community can weigh its offer.

Stargate’s numbers explain the interest. The bridge processed $4 billion in July, holds $345 million in TVL, and sits on a treasury of $92 million in stables and ether, plus $55 million in STG and other assets. The annual revenue is approximately $2 million.

“Based on our initial review, we believe that STG holders deserve a more competitive process, and we are prepared to submit a meaningfully higher bid,” the proposal said.

LayerZero’s proposal would transfer both the treasury and future income, which critics call a discount. Wormhole says the terms shortchange tokenholders and that “STG holders deserve better.”

A Wormhole–Stargate tie-up would create one of the largest cross-chain hubs in crypto, pairing Stargate’s unified liquidity pools with Wormhole’s integrations across dozens of networks. The foundation argues this would boost volume and long-term resilience for both ecosystems.

“The Wormhole Foundation sees unrealized value in the Stargate brand, protocol, and protocol assets,” the proposal said. “The Wormhole Foundation is confident that a successful combination of Stargate and the Wormhole ecosystem will lead to the most immediate and long-term value for current holders of STG, as well as current and future holders of Wormhole (W).”

Wormhole has requested a five-day delay in the vote, seeking more time for due diligence and a fairer process.

Read more: LayerZero Proposes $110M Stargate Token Merger in Consolidation Play

A man from the United Kingdom who accidentally misplaced his crypto wallet containing a $1 billion stash of Bitcoin (BTC) is launching a new bid to tokenize his missing stash.

In a post on the social media platform X, James Howells – a man who mistakenly threw away his crypto wallet containing the BTC nearly a decade ago – says he’s not giving up despite being rejected numerous times by the Newport City Council to launch a search to find the coins.

“For over 12 years, I tried everything to engage with Newport City Council: public proposals, percentages, mediation, legal action, and a formal $25 million offer. $1 Billion and they ignored it all. No response. No logic. No leadership. They want me to give up, but I am done asking for permission.”

Howells says he’s going to tokenize the entire missing wallet, which contains 8,000 BTC, by launching a new blockchain called Ceiniog Coin (INI) that is set to launch in late 2025.

“I’m tokenizing the entire wallet – 8,000 BTC – into 800 billion Ceiniog Coin (INI) – 1:1 satoshi value match.

• • Built on Bitcoin
• • Powered by OP_RETURN
• • Integrates with Stacks, Runes, Ordinals
• • Launching Late-2025

To the established and distinguished gatekeepers who blocked me for over a decade: You can block the gates. You can pack the courts. But you cannot block the blockchain. Crypto already won. Ceiniog is coming – and your world is collapsing.”

According to previous reports, Howells offered the city council $70 million in 2021 for permission to search the landfill to recover his hard drive, but was rejected due to environmental concerns.

In February, the city council announced that the landfill was formally closing down sometime during the 2025-2026 fiscal year.

BTC is trading for $115,429 at time of writing, a 2% gain on the day.

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A fast‑moving fight over mining power consumed Monero’s weekend after Sergey Ivancheglo used X to promote an “economic” campaign to dominate the network’s hashrate, which was met by community resistance.

The fight escalated after Ivancheglo, the figure behind Qubic and better known as Come‑from‑Beyond (CFB), confirmed the takeover intentions with an incentive-driven 51% attack.

As a response, the community gathered in the “supportxmr.com” pool to hold the majority of Monero’s mining capacity.

The 51% takeover plan

Qubic’s plan surfaced across X and Reddit as a pay‑to‑switch mining campaign. By offering richer payouts than ordinary pools, Qubic aims to attract enough Monero miners to its pool to surpass 51% of the network hash, a threshold that would enable it to orphan rivals’ blocks, delay confirmations, and potentially censor transactions. 

Ivancheglo publicly flagged Aug. 2 to Aug. 31 as a window of elevated risk and urged exchanges to raise Monero deposit confirmations, framing the move as a precaution during their “test.”

On Reddit, Monero miners and users viewed the campaign as a live 51% attack attempt, driven by incentives rather than a code exploit. Posts in forums dedicated to the Monero community on Reddit tracked Qubic’s pool share and warned that concentration could enable orphaned blocks, delayed confirmations, or transaction censorship. 

A thread titled “Qubic/Sergey Ivancheglo 51% attack plans” complained of “silence from most devs,” while another, “The timeline for the 51% attack is August,” claimed the pool had mined 31 of the last 100 blocks and urged a community response.

Community reaction

Analyst Dan Dadybayo explained on an X thread how Monero was under attack through an incentive campaign, arguing that intent is secondary to the risk of centralization when a single pool can outbid the rest of the network for hashpower. 

His follow‑ups described why Monero’s CPU‑friendly RandomX and highly mobile miners make such an attack plausible if incentives are aligned. 

The Monero subreddit’s tone oscillated between alarm and organization.

Members of the Monero community highlighted on X and Reddit Qubic’s rise into the top tier of pools through richer payouts and warned that waiting for 40% and 50% dominance would be too late.

The reaction led to the community rallying behind the mining pool “supportxmr.com” to battle Qubic in an attempt to lead Monero’s mining capacity. As of press time, the 4,970 miners composing the pool accounted for 28.7% of the network hash rate, having mined 36 out of the last 100 blocks.

Nevertheless, a Qubic spokesperson told CryptoSlate that the 51% takeover will still be attempted, adding:

“The goal is not to harm, such as tx reversals, but to make every miner on the Monero network join the QUBIC mining pool.”

Furthermore, Qubic highlighted a June proposal in which the community must decide whether other blocks should be orphaned in the event of a 51% attack. Among what the proposal portrays as benefits are reduced fees for Monero users, boosted revenue for miners, integration with Qubic miners, and a “practical test of a 51% attack and possibility to analyze its impact on XMR price.”

As of press time, there is no commentary in the proposal.

Benevolent attack

Ivancheglo dismissed alarm as “fear‑mongering,” even as his project urged exchanges to increase Monero confirmation thresholds, escalating concern across Reddit and crypto Twitter. 

He framed the effort as industry research. He said he was “trying to find a countermeasure to Qubic’s 51% domination,” a claim that did little to calm Monero users who worried the “demo” could do real damage. 

In addition, Ivancheglo said:

“This is very important to the #cryptocurrency industry because one day we all may face a non-benevolent attack.”

The uneven tone has led to rampant speculation that Qubic may want to normalize a majority‑hash posture while portraying it as benevolent.

The episode highlights that proof-of-work networks can be pressured not only by raw hashrate rentals but also by token-driven incentive loops that outpay organic mining.

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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July 2, 2025

The South Korean crypto exchange Bithumb is set to launch a spinoff company as it pushes ahead with an initial public offering (IPO) bid.

The trading platform has indicated that it is still on track to debut on the KOSDAQ exchange in the first half of 2026.

However, South Korean market insiders are reportedly wary about lingering ownership questions ahead of the potential launch.

Meanwhile, more domestic banks are joining a stablecoin alliance with a view to co-launching KRW-pegged tokens.

Bithumb Spinoff Gets Green Light

The South Korean media outlet News Tomato reported that Bithumb’s IPO process has now begun in earnest following a Supreme Court ruling that absolved the former Bithumb Holdings Chairman Lee Jung-hoon of fraud charges in March this year.

After the ruling, Bithumb asked the regulatory Financial Services Commission (FSC) to approve its spinoff plans in April.

The FSC was not fully satisfied with the initial application, but Bithumb has since amended its application twice.

At the end of June, the FSC finally gave its approval for a plan that will see Bithumb continue operating its existing exchange platform under its current name.

New Firm Will Act as Holding Company

The newly established corporation, tentatively named Bithumb A, will act as a holding company. It will also spearhead new Bithumb-related business investments.

Bithumb has chosen Samsung Securities as its lead manager for the KOSDAQ listing. The company is currently completing due diligence protocols.

Bithumb explained that its “restructuring” would help optimize growth strategies for each of its business arms “by separating their functions.”

The move will help Bithumb “secure agility in new business avenues,” the exchange claimed.

However, the media outlet said that the market is “still cautious” about an “opaque governance structure” that “could undermine investor confidence.”

Currently, Bithumb is owned by Bithumb Holdings, with the firms DAA, Vidente, and BTHMB all owning sizeable stakes. Other shareholders hold a 25.1% stake in the firm.

However, the media outlet wrote that the “actual control structure” between these parties “has not been clearly revealed.”

An unnamed domestic securities industry insider said that a “complex and opaque governance structure cannot help but promote anxiety among investors.”

The insider said that if it wants to attract capital from external investors, Bithumb will need to demonstrate a “high level of transparency and social responsibility.”

Busan Bank Joins Stablecoin Union

Meanwhile, the South Korean news agency Yonhap reported that BNK Busan Bank announced on June 2 that it has officially joined the Stablecoin Division at the Open Blockchain/DID Association (OBDIA).

The bank added that it has also begun conducting broad joint research projects focusing on stablecoins.

OBDIA launched as a blockchain-focused non-profit organization in 2018. However, in April this year, the group experienced a new lease of life when it added a stablecoin subgroup.

A slew of major banks have joined the division, including the high street heavyweights Kookmin, Shinhan, Woori, Nonghyup, and IBK Industrial Bank.

The neobank K Bank has also joined OBDIA, with its online rival Toss Bank also reportedly keen on becoming a member.

Yonhap reported that Busan Bank plans to build a “digital currency model” that can be used on the South Korean market.

The bank says that its experience of operating the blockchain-powered local stablecoin Dongbaekjeon will prove of great importance. A Busan Bank spokesperson explained:

“Since stablecoin-related regulations are still in progress, we need to develop capabilities that let us respond to various scenarios with flexibility. We want to play a meaningful role [once the government] institutionalizes [stablecoins].”

Lawmakers are pressing ahead with work on a bill that seeks to lay the groundwork for the issuance of private-sector stablecoins.

The move will partially reverse a ban on all forms of token issuance that has been in place since 2019.

Meta Platforms shareholders rejected a measure that urged the company to add Bitcoin (BTC) to its $72 billion cash pile, voting 4.98 billion shares against and 3.92 million for at the May 30 annual meeting, as reports surfaced.

Abstentions totaled 8.86 million shares, while brokers withheld votes on 204.77 million shares. With fewer than 0.1% of votes cast in favor, the initiative fell well short of passage.

The resolution, submitted by Ethan Peck of the National Center for Public Policy Research, asked Meta to “provide a counterweight against lower bond effectiveness” by converting an unspecified portion of surplus cash into Bitcoin. 

Peck framed the asset as an inflation hedge, noting its price increase in 2024 compared with modest bond returns. 

Outside advocates pressed Zuckerberg

The ballot followed public lobbying from Strive Asset Management CEO Matt Cole, who called Meta CEO Mark Zuckerberg during the 2025 Bitcoin Conference, urging a “bold corporate Bitcoin treasury approach” and endorsing a “yes” vote on Proposal 13. 

On the same day, Bloomberg senior ETF analyst Eric Balchunas said Meta could become the first US megacap to add Bitcoin this cycle, suggesting such a move would signal broader corporate acceptance.

Prior attempts to sway Microsoft and Amazon shareholders toward similar steps have also failed, highlighting the hurdles Bitcoin advocates face when targeting large-cap firms with conventional treasury frameworks.

The vote leaves Meta’s treasury unchanged, but it confirms that crypto proponents will likely continue pressing US blue-chip boards to revisit digital-asset policies as regulatory clarity improves.

The post Meta shareholders reject Bitcoin treasury bid in landslide vote appeared first on CryptoSlate.

Robinhood has submitted a 42-page proposal to the U.S. Securities and Exchange Commission (SEC) requesting regulatory clarity on the tokenization of real-world assets (RWAs) and its potential application to on-chain stock trading.

According to a Forbes report, the proposal, filed with the SEC’s Crypto Task Force, outlines a framework for compliant issuance, custody, and trading of tokenized assets, aiming to modernize US capital markets.

Quantum Economics founder Mati Greenspan told Forbes,

“This proposal could mark the first time a U.S.-regulated broker has laid out a viable path for bringing trillions of dollars in assets onchain – without compromising regulatory integrity.

If the SEC embraces this, it’s a signal to the world that tokenization has a legitimate seat at the traditional finance table.”

Robinhood’s plan includes federally licensed tokenized asset standards, integrated Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, and a modified Form S-1 for tokenized securities.

The planned Real World Asset Exchange (RRE) would operate on the Solana (SOL) and Base blockchains.

Last month, Robinhood CEO Vlad Tenev said that the tokenization of traditional assets could secure the dominance of the US equities market.

“Tokenization of securities, which we’re very excited about, allows you to have ownership in companies…

Stablecoins are viewed rightly as an area that could increase demand among individuals overseas as governments become prone to diversifying away from holding treasuries.

So in the same way that stablecoin legislation can kind of push forward US dollar dominance, I think tokenized securities can really push forward US company dominance in the global market.”

At time of writing, the SEC has yet to issue a formal response.

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