Secret Tether gold stash, Musk pumps PNUT

Today's headlines

Tether discloses $8B gold vault and invests in crypto forensics

GameSquare stock jumps 60% on $100M Ethereum treasury plan

Musk’s squirrel tweet sends PNUT memecoin soaring

South Korea boosts crypto innovation with new venture law

New Zealand bans crypto ATMs, limits transfers

Spain’s BBVA opens crypto trading to all retail users

BioSig plans $1.1B gold-backed token platform on Solana

Bitcoin gateway launched at Canadian credit union

Mt. Gox wallet targeted by phishing scam

Two charged in $650M OmegaPro crypto fraud

TREND: AI glitch sparks MechaHitler coin frenzy

 

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Below is a breakdown of everything we covered today – Wednesday July 9, 2025 – from Switzerland to South Korea and squirrels to hidden vaults. Make sure you tune in again tomorrow on YouTube and X to catch the news as it happens.

Tether reveals $8B gold vault in Switzerland

Stablecoin giant Tether has revealed it owns one of the largest private gold stashes in the world – an $8 billion trove stored in a secret Swiss vault. The company says the vault backs its gold-linked token, XAUT, which can be redeemed for physical gold.

This gold now makes up about 5% of Tether’s total reserves. CEO Paolo Ardoino described the vault as “the most secure in the world,” though its exact location remains undisclosed.

Alongside this, Tether announced a strategic investment in blockchain forensics firm Crystal Intelligence, which works with the FBI and Secret Service to track illicit funds. Crystal has helped freeze more than $2.7 billion in crypto linked to crime.

Tether says it aims to lead on “responsible innovation” and prepare for incoming stablecoin regulation.

GameSquare soars on $100M Ethereum treasury plan

Shares in GameSquare surged over 60% after the company approved a $100 million treasury strategy involving Ethereum. The publicly traded firm plans to hold ETH as a long-term strategic asset and says it will work with blockchain partners to optimize treasury management through staking and smart contract integrations.

The announcement marks one of the largest Ethereum treasury allocations by a listed company so far and signals growing institutional confidence in ETH beyond its role in DeFi and NFTs.

Elon Musk tweet pumps PNUT memecoin price

A viral tweet from Elon Musk has reignited the memecoin frenzy – this time around a squirrel. After Musk criticized authorities for euthanizing a social media-famous pet squirrel named Peanut, the Solana-based PNUT token exploded.

Although it has no formal link to Musk or the real Peanut, PNUT’s price jumped over 10%, with volume spiking from $65 million to $214 million in a single day.

Peanut, raised by engineer Mark Longo, was seized and euthanized in 2024 over licensing issues. Musk’s tweet drew parallels between Peanut’s fate and political failures, triggering a wave of sympathy – and speculative buying. PNUT trades purely on cultural sentiment and has no underlying utility.

They arrested (and killed) Peanut, but have not even tried to file charges against anyone on the Epstein client list.

Government is deeply broken. pic.twitter.com/YndRadQUBE

— Elon Musk (@elonmusk) July 8, 2025

South Korea updates laws to boost crypto

South Korea has amended its venture capital legislation to explicitly support crypto companies. The updates expand eligibility for crypto startups to receive funding and benefits traditionally reserved for high-tech ventures. Officials say the move is part of broader efforts to position South Korea as a leader in blockchain innovation.

The law change follows data from Korea Financial Investment Association surveys showing that more than 25% of South Koreans aged 20–50 invest in crypto, and over half the population has some trading experience.

 Analysts expect this regulatory shift to attract more crypto entrepreneurs and VC funds to the country.

New Zealand bans crypto ATMs, limits transfers

New Zealand has banned all cryptocurrency ATMs and set a cap of $5,000 on international cash transfers as part of a new anti-money laundering campaign. The move directly impacts retail access to crypto, especially for users without exchanges or bank accounts.

Assistant Minister of Justice Nicole McKee said the reform is necessary to combat “illicit fund flows and criminal activities.” Around 220 crypto ATMs in New Zealand are expected to shut down, according to CoinATMRadar.

The rules could also complicate peer-to-peer crypto use and cross-border transactions for average consumers.

TREND: AI glitch sparks MechaHitler coin frenzy

A bizarre AI glitch triggered a wave of MechaHitler-themed tokens, flooding the memecoin market within hours

Today’s bizarre crypto trend comes courtesy of Grok, Elon Musk’s AI chatbot. A recent glitch caused the bot to generate a nonsensical character called “MechaHitler” – and crypto traders wasted no time. Dozens of MechaHitler-themed tokens launched within hours, most of them memecoins with no utility or longevity.

The incident highlights just how quickly cultural slip-ups and internet absurdity can fuel speculative trading. As of this morning, several of the MechaHitler coins were already down 90% – but that didn’t stop them from briefly hitting six-figure trading volumes.

BBVA brings retail crypto trading to Spain

BBVA, one of Spain’s largest banks, has opened crypto trading to all retail customers. The bank previously restricted crypto to private clients but has now expanded access via its mobile app following regulatory approval. Users can buy and store Bitcoin and Ethereum, with support for stablecoins also in the works.

This development represents a shift in how traditional banks approach crypto integration, with BBVA saying it aims to offer a full suite of crypto services while complying with European financial rules. However, gains on crypto may be taxed up to 28%, depending on the customer’s tax bracket.

BioSig raises $1.1B for gold tokenization

BioSig Technologies, a U.S.-based medical tech firm that recently merged with tokenization platform Streamex, has announced up to $1.1 billion in financing to fund a gold-backed treasury and expand its tokenized assets platform on Solana. The deal includes a $100 million debenture and a $1 billion equity line of credit.

Despite a sharp 43% drop in share price immediately following the announcement, BioSig’s stock remains up over 600% since the merger. The firm says it wants to offer blockchain-based access to real-world assets like gold, and the move reflects broader interest in tokenization as a use case beyond crypto speculation.

Bitcoin gateway launched at Canadian credit union

Canadians can now buy Bitcoin straight from their credit union accounts via BVCU’s new gateway. Photo: Unsplash / Hermes Rivera

Canada now has its first credit union–based Bitcoin service. Bow Valley Credit Union has partnered with Bull Bitcoin and Balance to launch a Bitcoin Gateway that lets users buy, store, and transfer Bitcoin directly from their regular banking account. The product is designed for simplicity and doesn’t require any blockchain expertise.

Unlike many crypto services, the gateway offers real Bitcoin, not derivatives or pooled funds. Balance provides custody and insurance, while Bull Bitcoin supplies liquidity. The move signals growing demand for crypto access via trusted financial institutions.

Mt. Gox wallet targeted by phishing scam

Hackers are targeting a dormant Bitcoin wallet tied to the infamous Mt. Gox hack, embedding a phishing link via an OP_RETURN transaction on the Bitcoin blockchain. The wallet – holding over $8.7 billion in BTC – received a message pointing to a fake site claiming to help “return” lost funds.

Security researchers say the site is designed to steal personal data from whoever controls the wallet. The tactic exploits a controversial blockchain feature that allows data to be stored in transaction metadata. It’s the latest example of scammers exploiting legacy crypto infrastructure and ongoing interest in Mt. Gox’s unrecovered funds.

Two charged in $650M OmegaPro crypto fraud

U.S. authorities have charged two men in connection with OmegaPro, a crypto scheme that promised up to 300% returns and raised over $650 million from investors worldwide. Prosecutors say the pair used fake marketing, false testimonials, and luxury lifestyle imagery to attract victims.

The charges come as regulators increase efforts to prosecute global crypto scams that span jurisdictions. Officials say OmegaPro falsely claimed to use AI trading bots and exclusive deals to justify its unrealistic returns.