Ethereum (ETH) Price | Market | Project Info | LBank

This is the main section from the 56th edition of The Funding sent to our subscribers on July 26.The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member.To subscribe to the free newsletter, click here.

Onchain investigator Specter said losses from a drain of hot wallets linked to Singapore payments firm Triple-A have reached about $11.8 million, up from an initial estimate of $9.3 million on Friday.Triple-A said it is investigating and that customer funds are not affected, though it has not disclosed how the wallets were accessed.

BlueNoroff scans browser wallets before deciding which fake meeting targets should receive its malware payload.Hijacked Telegram accounts help attackers contact trusted industry peers and extend the campaign through victims.The phishing kit supports Windows and macOS, stealing browser keys, system data, and Telegram sessions.

Sberbank plans to launch regulated crypto trading, custody, settlement, and depository services by December 1.Russia’s new crypto framework starts September 1, with licensing compliance required by July 1, 2027.Non-qualified investors may buy up to 300,000 rubles yearly after passing a mandatory knowledge test.

U.S. spot bitcoin ETFs recorded about $8.05 billion in trading volume during the five sessions ending Friday, their lowest total for a full trading week since October 2024.The funds drew just $33.8 million in net inflows after nearly $500 million of inflows through Wednesday were largely erased over the final two sessions.Spot ether ETFs attracted $103.9 million, more than three times the bitcoin funds’ total, and outperformed them for a second consecutive week.Ether funds have drawn nearly as much capital as bitcoin ETFs over the past three weeks despite holding about one-eighth as much in net assets.

Intercontinental Exchange, parent of the NYSE, completed a $2 billion commitment to Polymarket in March, $1 billion in October plus a fresh $600 million, with the platform now discussing new funding near a $15 billion valuation.Kalshi raised more than $1 billion this spring at a $22 billion valuation, roughly doubling in months, on volumes that reached $31.5 billion in June against Polymarket’s $10.8 billion, with fee revenue estimates running from $850 million to $1.5 billion annualized.The tell is the deal structure: ICE bought global distribution rights to Polymarket’s event data and launched institutional probability feeds within months, chairman Jeffrey Sprecher framing the stake as a new layer of financial intelligence, not a venture flyer.The consolidation is visible everywhere: the rival CEOs jointly backed a $35 million VC fund for the sector, Kalshi struck institutional distribution through Tradeweb, Robinhood’s event contracts out-earned its crypto business, and banks project the industry toward $10 billion in annual revenue by 2030.All of it is happening against maximal legal hostility: at least seven bills targeting the category in 2026, a bipartisan act to ban sports contracts outright, and the 50-state jurisdictional war this publication has mapped, a contradiction the valuations are pricing as temporary.