Bitcoin rose more than 23% over the past week, posting its largest weekly gain since March 2023. The move marks a sharp rebound in price performance over a seven day period, according to bitcoin:native.

Huo Xing Cai Jing said Aug. 24 that EmberCN tracking shows Huang Licheng, also known as "Maji Dage", profited from last week's one-way rally in crypto by rolling a long position from about $1.5 million to roughly $11.15 million, effectively recouping around $11 million of prior losses. Over the past 10 months, his ETH long positions had posted losses of about $35 million. After the latest gains, his cumulative historical loss has narrowed to around $24 million. Earlier on-chain data had indicated his total losses were still in the tens of millions of dollars. Huang currently holds approximately $129 million in long exposure across ETH, BTC, HYPE and PUMP, with an overall leverage ratio of about 12x. If the market maintains its one-sided advance, the earlier $35 million drawdown could shrink further. A shift into consolidation or a downturn could also quickly wipe out the recent $11 million profit given the high-leverage rollover strategy.

THE BLOCK reports that Bitcoin posted its biggest weekly gain on record in dollar terms, rising $14,264, or 22.7%, to close at $77,387. The market's Fear & Greed Index reached 79, marking its strongest reading since December 2024. bitcoin:native

Abraxas Capital is leaning bearish, building roughly $783 million in short positions on Hyperliquid. At the same time, the firm is actively hedging through spot purchases, withdrawing 73,872 ETH (about $173.17 million) from Binance over the past four days.

A wave of sizable token unlocks is slated for the coming week, led by H, HUMA and XPL. H is scheduled to unlock on Aug. 25, worth about $18.92 million, equal to 7.92% of circulating supply. HUMA follows on Aug. 26 with an unlock valued at roughly $9.5 million, or 16.70% of circulating supply. XPL will also unlock on Aug. 25, estimated at around $8 million, representing 3.31% of circulating supply. Other planned unlocks include SOSO on Aug. 24 ($7.3 million; 6.35%), FF on Aug. 29 ($6.2 million; 2.57%), and CARDS and KMNO on Aug. 30 (each about $5.6 million; 5.45% and 2.89%, respectively).

PANews, Aug. 24 — Onchain analyst Yujin said trader 'Maji' ramped up an ETH long during last week's sharp one-way rally, scaling the position from $150,000 to $11.15 million and locking in about $11 million in profit. Maji had logged roughly $35 million in losses from ETH long trades over the past 10 months; the latest win cuts the cumulative net loss to $24 million. The trader currently holds $129 million in long exposure across ETH, BTC, HYPE and PUMP, with overall leverage at 12x.

Coinkite has released firmware version 5.6.1 for its Coldcard Bitcoin hardware wallet, introducing a major change to how new recovery seeds are created. Under the update, users must provide their own entropy (randomness) each time they generate a new seed on the device, rather than relying mainly on the wallet's internal random number generator as in prior versions. The move follows industry reports of a seed-generation vulnerability associated with a large Bitcoin theft. CryptoPotato estimated losses at about $100 million, while The Cryptonomist EN reported $112 million. Both figures refer to the same incident, though reporting has not converged on an exact total. Seed phrases—commonly 12 or 24 words—are the basis of self-custody security because they encode the private keys that control a user's funds. If the randomness used to generate a seed is weak, predictable, or compromised, attackers could theoretically reconstruct the keys and empty the wallet. Security researchers have long recommended adding user-supplied entropy as a mitigation. Typical sources include dice rolls, camera-captured images, or other manual methods. This user input is combined with the device's internal randomness rather than replacing it, reducing dependence on any single entropy source that could be degraded by a firmware bug or a supply-chain issue. Hardware wallets are promoted as safer than exchange custody because private keys are intended to remain on-device. That security claim depends heavily on the integrity of the random number generation process during setup; weaknesses at seed creation can undermine cold storage even if keys are well protected afterward. While exchange hacks and smart contract exploits more frequently dominate headlines, vulnerabilities in hardware wallets or key-generation workflows can be especially dangerous because they may expose funds without obvious signs. Users who created seeds on earlier firmware may want to review Coinkite's official guidance on whether migrating to newly generated seeds is advisable. Coinkite has not been directly quoted in the reporting on the specific technical root cause. The requirement for user-provided entropy, though, indicates the company considered the prior process insufficient on its own and framed the change as a response to the reported exploit. Market impact appears most immediate for Coldcard users and the broader self-custody hardware wallet segment. The renewed attention on seed-generation practices may prompt other wallet makers to reassess or strengthen their entropy implementations. No pricing or trading data has been linked to the event in available coverage, leaving any broader market reaction unconfirmed. Coldcard users are advised to update to firmware 5.6.1 and consult Coinkite's official recommendations for seed handling going forward. FAQ What is Coldcard? Coldcard is a Coinkite hardware wallet designed for offline storage of Bitcoin private keys for self-custody. What does 'user entropy' mean here? It refers to randomness the user contributes manually—such as dice rolls or camera input—which is combined with the device's internal randomness when generating a new seed. How much Bitcoin was reportedly stolen? Coverage varies: CryptoPotato cited roughly $100 million, while The Cryptonomist EN cited $112 million, referring to the same underlying incident. Should existing Coldcard users do anything? Users who generated seeds before the update may want to review Coinkite's official guidance to determine whether regenerating and migrating to a new seed is recommended. Originally reported by AltcoinGordon; written by Grace Mitchell. Republished with permission. View the original on AltcoinGordon.

PANews reported on Aug. 24 that on-chain tracker Lookonchain数据显示，Arthur Hayes bought back 1.9 million ETHFI about four hours ago at an average price of $0.62 per token, spending roughly $1.17 million. Four months earlier, Hayes sold 265,461 ETHFI at $0.44 each, booking an estimated loss of about $118,000.

ChainThink, citing The New York Times on Aug. 23, said Polish cryptocurrency exchange Zondacrypto is facing a deepening crisis after two successive leaders disappeared. Founder Sylwester Suszek went missing in 2022. His successor, CEO and attorney Przemyslaw Kral, reportedly vanished in April and has not appeared publicly for four months. The platform, previously known as BitBay, was founded in Poland in 2014 and later moved to Estonia. It has claimed about 1.3 million customers and hundreds of millions of dollars in assets. In April, the Zondacrypto website abruptly went offline, leaving hundreds of thousands of users unable to withdraw funds or trade. Its ZND token subsequently crashed by more than 99.9%. On June 29, Estonia's Financial Intelligence Unit revoked the operating license of the exchange's parent company. Before his disappearance, Kral told clients the platform held roughly 4,500 BTC, valued at more than $330 million, but said access required a private key controlled by Suszek. Crypto industry sources have questioned whether the wallet has been inactive for nearly a decade. Suszek reportedly disappeared at a gas station in southern Poland after sending voice messages and texts to his sister saying he had been kidnapped and demanding a BTC ransom. Polish prosecutors have charged a business partner, Marian Wszolek, with organized crime, VAT fraud, money laundering and other offenses; he also later disappeared. The prosecutor's office in Katowice has opened an investigation into Zondacrypto's formation and operations. Polish politicians and media are examining whether the exchange failed due to market risks or was allegedly tied to money laundering from the outset.