Polylog
The Polylog Crypto Intelligence Brief

Morning Edition · Saturday, August 1, 2026

Coldcard Firmware Flaw Lets Attackers Drain 594 Bitcoin From Self-Custody Wallets

Crypto

Coldcard Firmware Flaw Lets Attackers Drain 594 Bitcoin From Self-Custody Wallets

A weak key-generation routine present since 2021 made seed phrases guessable, and thieves drained roughly $38 million from about 500 devices in 25 minutes.

3 sources
Corroborated
Aztec Ships Alpha V5, Putting Private Smart Contracts Live on Ethereum

Crypto

Aztec Ships Alpha V5, Putting Private Smart Contracts Live on Ethereum

The privacy layer proves a fully confidential transaction in about 2.5 seconds on a laptop and cuts fees below five cents, with all proving done on the user's own device.

3 sources
Tether Reports $1.5 Billion Quarterly Profit as Its Reserve Cushion Halves

Crypto

Tether Reports $1.5 Billion Quarterly Profit as Its Reserve Cushion Halves

The stablecoin issuer's excess reserves fell to $4.11 billion from about $8.23 billion three months earlier, even as Treasury income and gold holdings grew.

3 sources
Aave Moves to Abandon Six Blockchains Earning Less Than $5,000 a Quarter

Crypto

Aave Moves to Abandon Six Blockchains Earning Less Than $5,000 a Quarter

A risk-manager proposal would freeze new activity on the underused networks and redirect nearly all remaining interest revenue to the protocol treasury.

1 source
IBM Chief Says Quantum Computing Will Generate Real Revenue Before 2030

Tech

IBM Chief Says Quantum Computing Will Generate Real Revenue Before 2030

IBM chief executive Arvind Krishna's timeline adds urgency to a threat that major chains and custodians are already writing into their roadmaps.

1 source
Circle Wins New York Trust Charter, Deepening the Regulated Path for USDC

Crypto

Circle Wins New York Trust Charter, Deepening the Regulated Path for USDC

The limited-purpose charter lets the stablecoin issuer offer fiduciary and custody services directly under New York banking law.

2 sources
US Sanctions Two Iranian Firms That Took Bitcoin for Strait of Hormuz Shipping Insurance

Geopolitics

US Sanctions Two Iranian Firms That Took Bitcoin for Strait of Hormuz Shipping Insurance

The Treasury says the companies forced vessels to buy mandatory Revolutionary Guard-backed coverage, accepting crypto to evade sanctions.

2 sources
Corroborated
Uniswap Adds In-App Lending Through Morpho Vaults

Crypto

Uniswap Adds In-App Lending Through Morpho Vaults

The new Earn product lets users deposit USDC, USDT, and ETH into Morpho vaults without leaving Uniswap's self-custodial app.

1 source
Miden Argues Practical Privacy Is the Gate to Blockchain's Next Phase

Crypto

Miden Argues Practical Privacy Is the Gate to Blockchain's Next Phase

The team's new Guardian design frames client-side confidentiality with selective disclosure as a requirement for institutional on-chain use, not an afterthought.

2 sources
Reward-Recycling Exploit Drains $578,000 From LULA as Smaller DeFi Hacks Persist

Crypto

Reward-Recycling Exploit Drains $578,000 From LULA as Smaller DeFi Hacks Persist

An attacker on BNB Chain abused the token's deflation logic, one of several mid-sized incidents cataloged this week.

2 sources
Ondo Weighs a $500 Million Acquisition as Tokenized Securities Pass $36 Billion

Crypto

Ondo Weighs a $500 Million Acquisition as Tokenized Securities Pass $36 Billion

The platform cleared an SEC probe, secured brokerage authorization, and put a large BlackRock equity fund on-chain before searching for a target.

1 source
Strategy Posts $8.2 Billion Loss and Says It Will Keep Selling Bitcoin

Crypto

Strategy Posts $8.2 Billion Loss and Says It Will Keep Selling Bitcoin

The largest corporate bitcoin holder will no longer direct all new capital into purchases, a shift for the debt-funded accumulation model.

2 sources