Gate Hints at $4B PUMP Token Launch — Then Deletes It

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In today’s edition:

• 💥 Gate leaks Pump.fun token launch details

• ⚖️ Tornado Cash case officially dropped

• 🇦🇪 TON denies UAE Golden Visa claims

• 🐳 ETH Genesis whales move after 9 years

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Gate Briefly Lists Pump.fun Token on Presale Page

Crypto exchange Gate has removed a countdown page from its website that appeared to suggest Solana-based memecoin launchpad Pump.fun will launch its official PUMP token on July 12.

The now-deleted page included details of the upcoming token sale, set to run for 72 hours or until the allocation is exhausted. As per the website, a planned 15% of the total 1 trillion supply was earmarked for the sale.

The page also detailed a price of $0.004 USDT per token, which translates to a fully diluted valuation of $4 billion for PUMP.

Last month, The Block reported that Pump.fun was looking to raise $1 billion through an initial coin offering and was deliberating sharing protocol revenue with its token holders. Pump.fun’s team also said in an X Spaces session in October that it was “planning to launch a token in the future.”

Tornado Cash Case Dropped After Treasury Withdraws Appeal

The legal battle over decentralized crypto mixer Tornado Cash sanctions has officially ended after the U.S. Treasury withdrew its appeal, and the Eleventh Circuit Court of Appeals granted a joint motion to vacate the case. 

This means the government’s guidance on enforcing sanctions against Tornado Cash is now defunct, and the crypto mixer is no longer on the U.S. sanctions list.

Tornado Cash was sanctioned by the Treasury’s Office of Foreign Assets Control (OFAC) in August 2022, barring U.S. persons and companies from interacting with it. Crypto advocacy group Coin Center challenged the legality of these sanctions, arguing the Treasury exceeded its authority.

“This is the official end to our court battle over the statutory authority behind the TC sanctions,” said Coin Center executive director Peter Van Valkenburgh in a Monday X post.

“The government was not interested in moving forward and defending their dangerously overbroad interpretation of sanctions laws.”

Tornado Cash’s native token TORN surged 14% to an intraday high of $10.55 immediately after the news, but has since retraced to around $9.43.

TON Foundation Clarifies UAE Golden Visa Project Was Not Government-Backed 

The TON Foundation has clarified that its UAE Golden Visa initiative is not an official program and is not endorsed by or affiliated with the UAE government.

Describing the announcement as “premature,” the Foundation said the project is being developed through an “independent collaboration” with a licensed partner focused on blockchain infrastructure and tokenized assets.

The clarification followed swift denials from multiple UAE authorities, including the Federal Authority for Identity, Citizenship, Customs and Port Security, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority, who jointly stated that Golden Visas were not being issued to digital asset holders.

The TON Foundation’s career page also lists a new posting seeking a “VP of Marketing,” a role posted shortly after controversy around the visa claims erupted.

TON had initially promoted a pathway to a 10-year UAE Golden Visa in exchange for staking $100,000 in Toncoin and paying a $35,000 fee — an offer that would be significantly cheaper than traditional investment-based routes, which typically require over $500,000 in illiquid assets.

‘Frontier’ Ethereum Whale Wallets Move Millions After Decade 

Two Ethereum "Frontier" Genesis whale wallets, dormant since the network's launch on July 30, 2015, moved a combined 1,140 ETH worth nearly $2.9 million on Monday.

These wallets, identified by addresses starting with “0x27” and “0x7f,” received their initial ether allocations during Ethereum’s mainnet launch – known as the “Frontier” phase – making them among the oldest accounts on the blockchain.

The price of ETH has surged nearly 90,000% since these wallets were first funded from transactions labeled “GENESIS” on blockchain explorer Etherscan.

Meanwhile, onchain analyst Ted Pillows noted that ETH saw $1.3 billion worth of net flows in the last week, citing data from analytics platform Artemis.

• 📲 Robinhood began talks with EU regulators, including the Bank of Lithuania, after its rollout of tokenized US equity products raised concerns about the structure and legitimacy of tokens for firms like OpenAI and SpaceX, which remain untradeable.

• 🏦 Metaplanet revealed plans to eventually use loans backed by its bitcoin holdings (now at 15,555 BTC worth $1.7 billion) to acquire digital banks and other cash-generating firms, though CEO Simon Gerovich said such moves remain in the early planning stage.

• 🇭🇰🎤 Eric Trump will speak at Bitcoin Asia in Hong Kong this August as the city promotes its digital asset strategy to compete with U.S. leadership in crypto and stablecoin regulation.

• 🔁 Bit Digital sold 280 BTC and spent $173 million to amass over 100,000 ETH, shifting its treasury entirely to Ethereum to capitalize on staking rewards and tokenization growth, boosting its market cap to $833 million.

• 📜🇺🇸 Stand With Crypto and over 65 groups urged Congress to pass the Clarity Act, a sweeping market structure bill that would define U.S. crypto regulations, amid rising political tension over Trump’s crypto ties.

• 🧠📦 CoreWeave struck a $9 billion all-stock deal to acquire Core Scientific after last year’s failed bid, aiming to consolidate AI and HPC infrastructure as part of its vertical integration strategy.

• 🪙 Strategy filed to sell up to $4.2 billion in 10% perpetual preferred stock, pausing bitcoin purchases last week for the first time since April while sitting on over $22 billion in unrealized gains from its 597,325 BTC holdings.

• 💹 Kuru Labs raised $11.5 million in a Paradigm-led Series A to build a Monad-based hybrid DEX combining AMM liquidity with CLOB execution to offer native limit orders without external market makers.

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