🐶📰 Weekend Update

BTC $63,042 (-1.4%) | ETH $1,866 (-1.2%) | SOL $73 (-1.0%)

Welcome to the Daily Bone Weekend Update where we recap the top stories from the week. Be sure to check out our daily newsletter to get all of your news hot off the press each and every weekday!

Headlines

• Leopold Aschenbrenner capitulated and sold his stock holdings to Citadel — Chip stocks sank early in the week before rebounding

• The Fed held rates steady in a divided 9-3 vote

• Russia's FSB charged Telegram founder Pavel Durov with "facilitating terrorism"

• Cold Card BTC wallets got exploited for over 500 BTC due to a weak entropy algorithm

• Bitcoin fell back below $83k after failed breakout

TradFi

• Vlad Tenev added X safeguards after being hacked

• SPCX hit a new all-time low of $110

• South Korean finance minister held emergency meeting after KOSPI volatility — Decided to cap retail exposure to leveraged ETF investment

• Strategy reports $8.2B Q2 losses

Crypto

• Treasury Secretary invoked Satoshi Nakamoto in plea for the CLARITY Act — SEC vowed to set crypto rules if Congress stalls on CLARITY

• Morgan Stanley launched a Solana ETP

• Stonk Broker NFTs on Robinhood came close to flipping Pudgy Penguins

• Tether posted $1.5B in Q2 operating profits

• Zcash activated "Ironwood", launching a formally verified new shielded pool with turnstile supply checks

AI

• OpenAI slashes GPT-5.6 Luna prices 80%, trims GPT-5.6 Terra prices 20% to $2 per million tokens

• Chinese military researchers distill OpenAI and Anthropic models to train domestic AI systems for defense

• Researchers find AI can't do science