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Strive Vice President: Confidence in self-custody has permanently changed, Bitcoin custody may enter the next stage

Strive Vice President Joe Burnett posted on platform X that the recent weeks may be among the worst in Bitcoin's history. Many people purchased recognized hardware wallets, generated mnemonic phrases offline, and followed established best practices, yet still lost a significant amount of Bitcoin due to a vulnerability affecting COLDCARD wallet that generated mnemonic phrases since March 2021 and beyond. This vulnerability went undetected for over 5 years.Joe Burnett stated that this will permanently change people's confidence in self-custody. Self-custody will still exist, but it has been permanently altered. For those who wish to directly control a large amount of Bitcoin, the standard should be multi-vendor multi-signature, with keys generated independently using different hardware and different software, and stored in different physical locations. If this approach is unacceptable, then institutional-grade custodians should be used.Joe Burnett mentioned that the current wave of Bitcoin adoption is happening through ETFs, treasury companies, and institutional custodians, primarily from individuals who unintentionally become experts in private key generation, hardware security, firmware, backups, inheritance planning, and physical storage. A single key generated by one hardware wallet protecting a large amount of Bitcoin poses excessive concentration risk.Joe Burnett also stated that institutional custody may ultimately lead to excessive Bitcoin concentration in the hands of large companies, resulting in risks of censorship, seizure, and confiscation. However, Bitcoin's portability and settlement attributes provide a crucial counterbalance, allowing users to create wallets and request custodians to send Bitcoin, transitioning from counterparty risk to direct ownership within minutes.Joe Burnett believes that as long as Bitcoin itself remains secure, the failure of any particular custody method does not negate the underlying monetary system, but rather forces the market to develop better tools, stronger standards, and more resilient custody frameworks. This week may ultimately mark the end of an era for Bitcoin custody and the beginning of the next wave of Bitcoin adoption.

Vietnam's "Fun Coffee" is involved in a virtual currency scam explosion in Hong Kong, with thousands deceived and over 1 billion Hong Kong dollars involved

According to a report by Hong Kong 01, "Fun Coffee," which claims to be rooted in Vietnam, just entered Hong Kong at the end of 2025 and was warned by the Hong Kong Securities and Futures Commission in July 2026 for being a suspicious investment product. The company appears to be investing in the coffee business, but in reality, it is a virtual currency investment scam with annual interest rates as high as 222%, ultimately "collapsing" at the end of July.The victim group has over 370 people, with each person defrauded of hundreds of thousands of dollars. Multiple investment groups combined have a total of 4,000 people involved, with funds exceeding 1 billion Hong Kong dollars. A middle-aged woman in her 50s claims that she unknowingly became a shareholder and director of one of Fun Coffee's Hong Kong registered companies, and she has over a hundred "downlines." After being contacted by reporters, she has gone to the police to report the case. The police have received 115 reports, which have been handed over to the Commercial Crime Bureau's fraud investigation team for follow-up.The report states that Fun Coffee held a marathon event in Hong Kong at the end of last year, inviting artist Yuen Siu Cheung to host and distributing anti-fraud leaflets for promotion in various districts. The company's headquarters in Kowloon Bay and its storefront in Mong Kok are now empty, with notices of unpaid rent posted. The Securities and Futures Commission issued a warning on July 13, and the Vietnamese Ministry of Public Security also warned in May that it is suspected to be a Ponzi scheme.

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.
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