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Foreign media: The trading volume of South Korea's five major cryptocurrency exchanges in the first half of the year decreased by 54.6% year-on-year, and small and medium-sized exchanges are seeking cooperation and restructuring

According to NexBlock, the trading volume in South Korea's virtual asset market continues to shrink, and the competitive landscape among the five major won exchanges is changing. During this market downturn, funds are further concentrating on platforms with leading liquidity, while small and medium-sized exchanges are seeking breakthroughs through partnerships with securities companies, institutional market layouts, and operational restructuring. In the future, the focus of competition will no longer be solely on trading volume, but also on stablecoin liquidity, traditional financial cooperation, institutional market expansion, and regulatory compliance capabilities.Data shows that in the first half of this year, the five major won exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, Gopax) had a total trading volume of approximately $366.58 billion, a year-on-year decrease of 54.6%.From July 1 to 27, the five major exchanges had a cumulative trading volume of about 17.34 trillion won, a decrease of 16.9% compared to the same period last month. Among them, Upbit's trading volume was approximately 11.69 trillion won, which, although down 10%, increased its market share from 62.3% to 67.4%; Bithumb's trading volume fell to 4.71 trillion won, with its share dropping from 30.7% to 27.1%, widening the gap between the two to 40.3 percentage points.

For the first time in nearly 30 years, the US and Japan have joined forces to buy yen, with a memo from the US Treasury Secretary revealing plans to purchase 5-10 billion dollars

A photo taken by Reuters shows U.S. Treasury Secretary Janet Yellen attending a cabinet meeting with President Trump at Camp David on Friday local time, where a "to-do list" on her notepad was exposed, stating "Buy yen 5-10 billion."The photo was taken during a media-accessible portion of the meeting, at 11:33 AM Eastern Time (11:33 PM Beijing Time). Yellen's name tag was conveniently located at the top of the notepad, clearly visible. A spokesperson for the U.S. Treasury Department did not respond to requests for comments regarding the contents of the notepad or whether intervention measures had been taken on Friday.According to the Financial Times, the U.S. Treasury intervened in the yen exchange rate on Friday local time, marking the first joint effort by the U.S. and Japan in nearly 30 years to support the yen through direct purchase operations. Three informed sources revealed that the New York Fed executed an unusual operation on behalf of the Treasury—selling euros to buy yen, with two of the sources stating that the transactions were completed through Goldman Sachs and Morgan Stanley.Prior to the action, the U.S. Treasury had informed several Wall Street banks that it was considering intervening in the yen. The last time the U.S. Treasury intervened in the yen was back in 2011, but at that time, the direction was to sell yen.

Foreign media: Pump.fun conducted large-scale layoffs two months before the employee token unlock, causing some employees to miss out on seven-figure PUMP tokens

According to Sandmark, documents and recordings obtained show that Pump.fun laid off employees two months before the unlocking of employee tokens, causing at least one former employee to miss out on a PUMP token allocation valued in the seven figures at current prices.The layoffs occurred in early April, while the affected employees were supposed to start receiving token unlocks two months later (in June). Employees had signed a token agreement in June 2025, with a quarter of the allocation set to unlock a year later. Co-founder Noah Tweedale stated in an internal meeting recording that the reason for the layoffs was the company's "rapid expansion."Former employees reported a second round of layoffs in mid-July, with the company having laid off over 40 people in the past two months. One employee claimed they were laid off the day before the token unlock, but Sandmark could not independently verify these claims.Pump.fun operates in the UK under the name Baton Corporation Ltd, although it has blocked UK users since December 2024 (following a warning from the UK FCA that it may be providing financial services without a license) and is still on the regulatory warning list. In 2024, the company experienced an employee embezzlement incident involving the misappropriation of approximately $2 million, with the involved party sentenced to six years in prison. According to Companies House data, the company's latest annual report is overdue.
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