LAB Token Collapses 90%, Strike Launches Volatility-Proof Product, and Other Crypto News
This week’s crypto stories ranged from policy and payments to market stress and Bitcoin infighting.
President Donald Trump declared himself ‘a big crypto guy’ when asked whether Bitcoin could be added to the newly launched Trump Accounts. Since reporting $1.4 billion in crypto income, Trump’s stance has fueled speculation, though no digital asset component for the accounts has been announced.
Sony Bank received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to open Connectia Trust, a wholly owned subsidiary under Sony Financial Group. The trust bank is intended to contribute to the development of a medium- to long-term business foundation for digital asset operations, though specific stablecoin plans remain vague.
Strike CEO Jack Mallers rolled out a new bitcoin-backed loan product that removes price-triggered liquidations. The loans are described as ‘volatility-proof,’ with a maximum loan-to-value (LTV) ratio of 45% and a 2.95% rate premium. The product builds on Strike’s regular loan offering launched in May 2025, aiming to reassure investors against liquidation fears.
Michael Saylor stated on X that Bitcoin has ‘no spam problem’ amid the BIP-110 debate. Galaxy’s head of research Alex Thorn noted that OP_RETURN transactions only account for about 0.1% of Bitcoin’s blockspace, calling BIP-110 ‘extremely disruptive and dangerous.’
In a dramatic market event, LAB Trade’s native token collapsed 90% in 48 hours, wiping out billions in market cap. Insider control and manipulation allegations followed, with on-chain analyst ZachXBT criticizing centralized exchanges for failing to intervene. Unlocks for investors were scheduled for late July, but multiple late vesting changes occurred.