On July 5, blockchain security company Hexens disclosed that it discovered a serious vulnerability in the Aptos blockchain's Move Virtual Machine (Move VM) in February of this year. The issue was reported and fixed within hours, preventing any financial loss. Hexens stated that the vulnerability stemmed from a caching processing flaw, which could lead to a type confusion vulnerability, theoretically allowing attackers to gain high-privilege roles such as minting stablecoins, accessing cross-chain bridges, and interacting with DeFi protocols. The research team set up a near-mainnet simulation environment using approximately $3,000 worth of servers and tested the exploit path about 20 times, successfully exploiting it approximately 17 to 18 times. They assessed that the vulnerability could potentially impact around $250 million of Aptos's native Total Value Locked (TVL). If it further affected cross-chain bridges, stablecoins, and centralized exchanges, the theoretical systemic risk exposure could reach approximately $70 billion. Aptos stated that the exploitability of the vulnerability in a real environment is extremely low and confirmed that it was promptly fixed through a bug bounty program, with no impact on any users or funds.
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Hexens Reveals Aptos Has Fixed Vulnerability Affecting Cross-Chain Bridges and Stablecoin Infrastructure
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Whale Transfers 1,133 BTC to Coinbase Prime, Valued at $71.48 Million
According to Onchain Lens monitoring, a whale transferred 1,133 BTC from Coinbase to Coinbase Prime through an intermediary wallet, valued at $71.48 million. -
U.S. AI Chip Stocks Decline Before Market Open, Intel Falls Over 3%
On July 7, U.S. AI chip stocks experienced widespread declines before the market opened. Intel dropped over 3%, while AMD, Qualcomm, and NXP fell more than 2%. TSMC, Broadcom, and Tesla decreased by over 1%, and NVIDIA declined by 0.7%. -
China's Central Bank Increases Gold Reserves for the 20th Consecutive Month
As of the end of June, China's gold reserves stood at 75.44 million ounces (approximately 2,346.446 tons), an increase of 480,000 ounces (about 14.93 tons) from the end of May, which reported 74.96 million ounces (approximately 2,331.52 tons). This marks the 20th consecutive month of gold accumulation. -
China's Foreign Exchange Reserves in June at $341.6262 Billion
On July 7, China's foreign exchange reserves for June stood at $341.6262 billion, a decrease of $26 billion from the end of May, representing a decline of 0.75%, with expectations set at $343.2 billion. -
U.S. Storage Stocks Drop Pre-Market, SanDisk and Micron Down Over 4%
On July 7, U.S. storage concept stocks collectively fell in pre-market trading. Western Digital dropped over 5%, SanDisk and Micron Technology fell over 4%, Seagate Technology declined over 3%, Rambus fell over 2%, and SMI fell over 1%. -
U.S. Stocks in Optical Communication Sector Drop Pre-Market
On July 7, stocks in the optical communication sector of the U.S. market collectively fell pre-market. Astera Labs dropped over 4%, while Marvell Technology, Credo Technology, and AXT Inc. fell more than 3%. Tower Semiconductor, MaxLinear, Corning, Applied Optoelectronics, GlobalFoundries, Lumentum, and Qorvo all declined by more than 2%. Coherent, Nokia, Amphenol, and Broadcom dropped over 1%. -
Pre-market Decline in U.S. Storage Stocks
In pre-market trading, U.S. storage concept stocks experienced a widespread decline, with Micron Technology falling by 4.8%, SanDisk dropping over 4%, Corning down more than 2%, and Intel decreasing by over 3%. -
Two Departments: Support for Reinsurance Institutions to Increase Capital and Issue Supplementary Capital Tools
On July 7, the National Financial Supervision and Administration Bureau and the Shanghai Municipal Government released several measures to accelerate the construction of the Shanghai International Reinsurance Center. Among these measures, they proposed to enhance the quality and efficiency of the reinsurance industry, support reinsurance institutions in increasing capital and expanding shares, and issuing supplementary capital tools to improve the capacity for internal capital accumulation and external capital supplementation, thereby strengthening the reinsurance industry's capabilities. The initiative aims to guide the insurance industry to focus on major national projects, strategic emerging industries, and livelihood security, consolidating insurance and reinsurance underwriting capabilities to enhance risk protection levels. It also supports reinsurance institutions in leveraging their professional technical advantages to assist the insurance industry in reducing risk. -
Sources: Saudi Arabia Plans to Expand Oil Pipeline to Red Sea, Increasing Capacity by 2 Million Barrels Daily to Bypass Strait of Hormuz
On July 7, five informed sources revealed that Saudi Arabia is considering expanding the crude oil pipeline capacity to its western coast on the Red Sea, allowing Saudi Arabia and its neighbors to transport more oil without passing through the Strait of Hormuz. This east-west pipeline, built in the early 1980s, has gained strategic importance since the outbreak of the Iran war in February and the disruption of shipping in the Strait of Hormuz. The pipeline can deliver up to 7 million barrels of crude oil per day to the Red Sea port. The CEO of Saudi Aramco stated in May that approximately 2 million barrels are supplied to west coast refineries, while about 5 million barrels are for export. Sources indicate that Saudi Arabia is in preliminary discussions with some neighboring countries regarding the pipeline expansion, aiming to add about 2 million barrels of pipeline capacity per day. It remains unclear whether Aramco's planned expansion involves upgrading existing infrastructure or constructing new pipelines. One source mentioned that the expansion plan also includes a smaller refined oil pipeline. Two sources indicated that the expansion scale could range from 1 million to 2 million barrels per day, with refined oil also being considered. Another source stated that the project would take several years and cost billions of dollars, requiring adjustments to Saudi crude pricing mechanisms.
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