BlockBeats News, July 11, according to HTX market data, Bitcoin hit another all-time high, surpassing $112,000, currently trading at $112,438, with a 24-hour percentage change of 2.99%.

BlockBeats News, July 11th. On July 10th, the Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission held a central group study session to learn about the development trends of cryptocurrency and stablecoins and the corresponding strategies. He Qing, Secretary and Director of the Party Committee of the Municipal State-owned Assets Supervision and Administration Commission, pointed out that it is necessary to fully implement the spirit of the Seventh Plenary Session of the Twelfth Municipal Party Committee, adhere to innovation-driven development, maintain a keen awareness of emerging technologies, and strengthen research and exploration of digital currency. It is important to promote the integration of production and finance, explore the application of blockchain technology in areas such as cross-border trade, supply chain finance, and asset digitization. By persevering in striving for progress, enhance the ability for strategic agility and initiative, further promote the deep integration of technology, finance, and industry, better leverage the important role of state-owned assets and enterprises in technological innovation, industrial control, and security support, and make new and greater contributions to the construction of Shanghai's "Five Centers" (Caixin).

BlockBeats News, July 11th: GMX officially released a summary report on the $42 million exploit of GMX V1 on Arbitrum.

Event Summary:

The attacker exploited a vulnerability by directly calling the Vault contract's increasePosition function, bypassing the PositionRouter and PositionManager contracts (usually responsible for calculating the average short price);

Through manipulation, the attacker manipulated the BTC average short price from $109,505.77 to $1,913.70;

Using a flash loan, the attacker purchased GLP at a normal price of $1.45, opening a $15 million position;

Due to the manipulated price, the GLP price was pushed above $27, allowing the attacker to profitably redeem GLP;

GMX has confirmed that V2 does not have a similar vulnerability.

Next Step Funding Situation:

Approximately $3.6 million remains in the GLP pool, reserved for unclosed positions;

This week's fee on V1 on Arbitrum is around $500,000 (excluding 30% allocated to GMX stakers) and will be transferred to the DAO treasury for compensation;

GLP minting and redemption on Arbitrum will be disabled (redemption disabling requires a 24-hour Timelock);

Minting on Avalanche will be disabled, but redemption will be retained;

Position closures for V1 on Arbitrum and Avalanche will be enabled, and opening positions will be disabled to prevent the exploit from reoccurring;

V1 orders on Arbitrum and Avalanche will be canceled. Remaining funds from GLP on Arbitrum will be allocated to a compensation pool for affected GLP holders.

After the above steps are completed, the GMX DAO will discuss further compensation measures. It is recommended that all GMX V1 forks take immediate action, refrain from transactions and minting of GLP-like tokens until fixes and audits are completed.

BlockBeats News, July 10th, according to Bloomberg, the US Treasury Department has officially revoked the cryptocurrency broker reporting rule.

The cryptocurrency broker reporting rule required certain DeFi brokers to report total income and provide user data, including names and addresses. The IRS's rule was finalized last December, requiring DeFi brokers to submit 1099 forms, similar to traditional securities brokers. Critics argued that this rule stifled innovation, compromised privacy, and made tax reporting for the decentralized nature of the crypto industry complicated. Earlier, US senators introduced a resolution called the "Congressional Review Act" to overturn this controversial IRS rule, which was signed into effect by President Trump in April of this year.

BlockBeats News, July 10th, according to market data, PUMP was listed on Binance Futures for pre-market trading 8 hours ago, with a trading volume exceeding 100 million US dollars. The price is currently at $0.004844. According to the official PUMP Tokenomics released by Pump.fun, the maximum supply is 1 trillion tokens, and the current price corresponds to a fully diluted market valuation of 48.44 billion US dollars.

According to Hyperliquid market data, PUMP was listed on the pre-market 12 hours ago, with the current trading volume reaching 106 million US dollars and an open interest of 51.48 million US dollars. The pre-market price of PUMP on Hyperliquid is $0.004936.

BlockBeats News, July 10th, the stablecoin project Plasma officially announced that the XPL public sale will start on July 17th, and deposits and withdrawals will be locked on July 14th (72 hours before the sale). This is the final withdrawal opportunity for users, and the reserve deposits cannot be used for this round of sale. After the sale ends, all deposits will remain locked for at least 40 days.

The stablecoin project Plasma previously stated that the $1 billion raised in deposits is not for the XPL sale itself, and the public sale of XPL has not yet begun. All funds will be bridged to the Plasma mainnet testnet and fully owned by depositors. Depositors will participate in the sale based on the final unit ownership at the time of the lock. The public sale terms remain unchanged: 50 million XPL tokens will be sold, with a fully diluted valuation of $5 billion.

Plasma previously received a strategic investment from Founders Fund under Peter Thiel and announced in February of this year that it had completed a $24 million funding round ($20 million Series A and $4 million seed round), led by Framework Ventures, with participation from the cryptocurrency exchange Bitfinex, venture capitalist Peter Thiel, and Tether CEO Paolo Ardoino.

BlockBeats News, July 10th, According to crypto reporter Eleanor Terrett, the U.S. Senate Banking Committee plans to postpone the discussion of the "Crypto Market Structure Act" draft until next week, whereas its initial target was this week. Meanwhile, the House Financial Services Committee has rescheduled the hearing on establishing the "21st Century Cryptocurrency Taxation Policy Framework" to next Wednesday (16th), coinciding with "Crypto Week."

The originally planned full committee hearing on crypto market structure, with confirmed participants including:

Brad Garlinghouse, CEO of Ripple;

Kristin Smith, CEO of the Blockchain Association;

Jonathan Levin, CEO of Chainalysis;

Dan Robinson, General Partner at Paradigm.

BlockBeats News, July 10th, Trump posted on Truth Social promoting his economic achievements: "Tech stocks, industrial stocks, and the Nasdaq index hit all-time highs! Cryptocurrency 'breaks through the ceiling'. Since Trump imposed tariffs, Nvidia's stock price has risen by 47%. The U.S. is imposing tariffs of billions of dollars. The country is now 'back'. Great honor! The Fed should quickly lower interest rates to reflect this strength. America should be 'first'. No inflation!!"