The crypto world this night is more exciting than a Hollywood blockbuster

Good morning, brothers. Another night of continuous explosions, I couldn't sleep at all. Let me walk you through what happened in the past ten hours.
$RAVE ‌
First, there was the biggest security incident of the year in DeFi. The rsETH cross-chain bridge of Kelp DAO was found to have a vulnerability, and hackers directly minted 116.5k rsETH out of thin air, worth nearly $300 million. They then deposited this batch into lending protocols like Aave and Compound as collateral, borrowed out ETH wildly, and then cashed out and ran. It’s said they made over 70,000 ETH just from this. Aave was dragged down with over $236 million in bad debt, and the AAVE token dropped 10% in response. Even more dramatic, someone discovered that Sun Yuchen withdrew over 50k ETH from Aave five hours before the attack, worth over $116.5k. The money is still in the wallet, untouched, but the timing is suspicious and invites speculation.

Meanwhile, tensions in the Strait of Hormuz flared up again. Didn’t we just say yesterday that shipping was to resume? Less than 24 hours later, Iran’s Revolutionary Guard directly called out the U.S., saying they didn’t comply with the ceasefire agreement, and if the blockade isn’t lifted, the strait will remain closed. They also threatened to control it until the “war is completely over.” Trump’s side is still claiming “talks are going well,” and Islamabad plans to continue negotiations next week, but Iran’s parliament speaker warned that “war could restart at any time.” Oil prices, which had just eased, are now squeezed again. Geopolitical risks are much harder to predict than K-line charts.

The market, however, is holding up well. Bitcoin spot ETF saw a net inflow of $664 million in a single day, with BlackRock’s iBIT alone taking in $284 million. For eight consecutive days, money has been pouring in, keeping Bitcoin steady around $77,000.
$BTC ‌
But the most surreal part is Meme coins. The day before yesterday, RAVE, which was hyping the Web3 music revolution, crashed 88% yesterday, with over $50k liquidated across the network, and most investors buried alive. RaveDAO issued a statement claiming they had nothing to do with it, but then said they would sell tokens at “the right time” to sustain operations. Isn’t that a clear signal they’re about to dump? On-chain data shows the top ten addresses are almost out of funds. Where did the money go? It all flowed into another meme coin, ASTEROID, because Elon Musk nodded on X and said it should be SpaceX’s mascot. The coin immediately doubled in price, reaching a market cap of $160 million. Funds shifted from RAVE’s corpse to this new frenzy.
$ETH ‌
Almost forgot, OpenAI also experienced an earthquake. Three core executives left within a day, and the Sora project was shut down directly. Even more explosive, some shareholders privately discussed replacing Ultraman and having the chairman take over. This internal drama before the IPO is even more exciting than the crypto world.

That’s it for the morning report. Today is another day full of hope (or shock). Remember to fasten your seatbelt.
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