Hey crypto addicts,

A major exchange listing was supposed to be a big moment for HEMI, but Upbit pulled the launch just 18 minutes before trading was scheduled to begin after detecting the theft of roughly 124.5 million unclaimed HEMI tokens from an old Genesis Drop contract. What looked like a routine listing quickly became a security crisis.

The attacker exploited a reentrancy vulnerability to repeatedly claim tokens, with millions of HEMI later swapped into USDT and USDC. Around $255,000 was generated before the funds were moved across networks, although Hemi says its core network and bridges were unaffected.

The incident highlights how quickly security issues can derail a token’s momentum. While Upbit proceeded with listings for Cluster Protocol and USELESS, HEMI was left on the sidelines, showing that exchange access ultimately depends on more than demand — it also depends on trust and security.☕

What we’ve covered for you today:

Polkadot is moving toward creating its own native stablecoin, with the community voting on dotUSD, a dollar-pegged asset that would eventually be backed primarily by DOT. The proposal could make dotUSD the network’s main stable-value asset, reducing Polkadot’s reliance on externally issued stablecoins.

The rollout would happen in phases. The first stage would mint dotUSD against USDT, while a later version would let users lock DOT as collateral to borrow dotUSD through an overcollateralized system. This could give DOT another important use case, allowing holders to access liquidity without selling their tokens.

The bigger picture is Polkadot trying to build more of its financial infrastructure in-house. If dotUSD gains traction, DOT could become productive collateral powering the network’s DeFi economy, potentially increasing demand for the token while giving Polkadot a more self-contained onchain financial system.☕

Gemini has secured a Major Payment Institution license from Singapore’s Monetary Authority, giving the exchange full regulatory approval to provide digital payment token services and cross-border money transfers. The approval completes a process that began with in-principle approval in 2024 and strengthens Gemini’s position in one of Asia’s most important financial hubs.

The license also gives Gemini more room to scale its Singapore operations without the transaction limits applied to standard payment institutions. The exchange already offers spot trading, custody and OTC services locally, while the approval requires continued compliance with strict anti-money-laundering, customer due diligence and technology-risk rules.

The bigger picture is Singapore becoming an increasingly important gateway for regulated crypto adoption. With both retail and institutional customers in focus, Gemini’s approval shows how major exchanges are increasingly seeking licenses that bring crypto closer to traditional financial infrastructure.☕

Hunter Biden is defending his controversial LAPTOP memecoin after facing heavy criticism from crypto traders ahead of its launch. Biden says the token is meant to reclaim the laptop controversy that followed him for years, with 20% of the supply planned for community airdrops, including some wallets that lost money on Trump’s TRUMP token.

The project has already faced resistance from the crypto industry. Kraken deleted a promotional post after traders questioned its involvement, while Base founder Jesse Pollak said the network chose not to help design or promote the token. Other groups connected to the planned airdrops have also distanced themselves.

The backlash highlights growing fatigue around politically linked memecoins, especially after previous launches caused huge price swings and losses for traders. LAPTOP is now facing its first major test: whether political attention can translate into lasting demand or simply create another short-lived memecoin frenzy.☕

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European financial and tokenization groups are urging EU lawmakers to remove proposed limits on the value of tokenized securities that can operate through blockchain-based market infrastructure. The coalition argues that the proposed €100 billion ceiling is too restrictive for institutional adoption and is calling for no cap at all

MoneyGram is expanding its stablecoin strategy with a new Visa-backed card, initially launching in Colombia and allowing users to spend stablecoin balances anywhere Visa is accepted. Developed with Rain, Crossmint and the Stellar network, the virtual card connects MoneyGram’s stablecoin infrastructure with everyday payments

Liquid Network has resumed block production following the exploit that saw roughly 4,000 BTC worth about $320 million withdrawn from its federation wallet. The restart is being handled cautiously, with blocks currently produced without transactions while operators monitor the network after deploying emergency software and node updates.

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