Weekly digest covering Polymarket's $20B fundraise, $100M+ Coldcard hack, major institutional crypto moves (Wells Fargo tokenized deposits, Mastercard stablecoin expansion), Ondo Finance leadership crisis, and mixed ETF flows.
Security & Exploits ·
Polymarket is in talks to raise $1 billion at a $20 billion valuation, positioning the prediction market platform for significant expansion. Separately, the Coldcard hardware wallet suffered losses exceeding $100 million in a security breach. The week also saw major institutional moves into crypto infrastructure: Mastercard completed its acquisition of BVNK to expand stablecoin issuance capabilities, while Wells Fargo announced plans to launch tokenized deposits for corporate clients on a proprietary blockchain. Polymarket additionally became the official partner of the ATP for tennis livestreaming and in-app trading.
Bitcoin-focused ETFs recorded $763.6 million in net inflows during the week, while Ethereum products saw $194.1 million inflows, suggesting sustained institutional demand. A power struggle has erupted at Ondo Finance following the founder's death, with succession and governance remaining unclear. Separately, a wave of cyber attacks targeted major hedge funds including Citadel and Point72, raising questions about security vulnerabilities in institutional crypto and trading operations.
What remains uncertain is the outcome of Polymarket's funding round and whether regulatory approval will follow, given ongoing scrutiny of prediction markets. The full scope of the Coldcard breach—including whether additional vulnerabilities remain—has not been disclosed. The leadership transition at Ondo Finance and its impact on the platform's operations and tokenomics remain to be determined.