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Binance Partners with BBVA: Binance teams up with Spanish bank BBVA to offer off-exchange custody services, enhancing crypto security and trust.
CrediX Finance Hack: CrediX Finance suffers a $4.5 million hack, leading to concerns of an exit scam as the team remains unresponsive.
Ethereum Surges: Ethereum surpasses $4,000, driven by strong institutional demand and ETF inflows, with analysts predicting further growth.
The cryptocurrency market witnessed dynamic changes on August 8, 2025, as significant actions by large players such as Binance challenged the regulation affecting DeFi developments, and the bull run in Ethereum is still in play.
Binance's strategic partnership with BBVA, the $4.5 million hack on CrediX Finance, and Ethereum's reaching a new level of more than $4,000 this week can be presented as signals of the altered world of digital assets. These developments point to the continued convergence of conventional finance and the crypto space, the difficulty in protecting decentralized systems, and the trend of greater institutional embracement by Ethereum.
Binance has revealed that it will team up with BBVA in Spain to offer its customers off-exchange custodial services. The new collaboration is aimed at improving the safety of crypto deposits amid the surge in regulatory push and the increase in demand after the fall of such a significant exchange as FTX.
With this deal, BBVA will deposit customer assets in US Treasuries, and Binance will accept the US Treasuries as margin against trades made on its platform. Notably, Binance will not store customer funds as an intermediary, but rather, these funds will be held securely.
The project will address the growing interest in safer custody services on the cryptocurrency market. Binance has been under immense regulatory pressure, especially following a settlement with the US authorities on anti-money laundering violations in 2023. This action serves as further testimony to the efforts being made by Binance to regain the trust of investors and the authenticity of its trading platform as well.
Earlier, Binance had authorized clients to utilize separate custodians, such as Switzerland-based Sygnum and FlowBank. Through the participation of BBVA, the exchange is enhancing its bid to spur trust in a fast-changing regulatory frontier.
The decentralized finance (DeFi) platform CrediX Finance suffered a setback after a $4.5 million hack led to the apparent disappearance of its team. The exploit, reported by blockchain security companies on Monday, enabled attackers to drain the platform of its funds by accessing its multisig admin and bridge wallets. After the hack, CrediX blocked its site to stop future deposits and secure its users.
The hack has caused uncertainty that it might be an exit scam because the team behind CrediX has remained quiet ever since. The official accounts of the company, such as its Telegram and X accounts, have been removed, and no additional information has been provided.
CrediX had earlier promised to pay back affected users via an airdrop, something that has not yet been delivered. The decentralized organization, in cooperation with other projects, Stability DAO, is trying to track the stolen funds and recover the losses with the assistance of legal and cybercrime experts.
Ether, Ethereum's native cryptocurrency, has just hit a new all-time high of more than $4,000 after the surging interest of financial institutions entered its third month. Ethereum treasury companies have been investing significantly. The price jump is accompanied by increasing optimism in the Ethereum ecosystem, with inflow rising into US spot Ethereum ETFs and further accumulation by Ethereum-based treasury companies.
Over the last month, the price of Ethereum has rallied by more than 50%, and large-scale players are increasing their ETH holdings in their portfolios. Major Ethereum treasury companies like BitMine and SharpLink have accumulated billions of dollars worth of Ether. Ethereum ETFs are also picking up steam, with BlackRock iShares Ethereum Trust hitting the ball at more than $11 billion in funds.
Several factors, including the daily transaction rate on the Ethereum network, have contributed to a notable increase in the asset's price recently. However, Ethereum has yet to reach its all-time high of $4,867, which occurred in 2021. Despite this, analysts believe that Ethereum has the potential to grow further, driven by rising institutional adoption and the anticipated regulatory changes surrounding the asset.
