Summary of this article
Developer accuses Trump-linked WLFI of token lock.
Paxos proposes USDH stablecoin for Hyperliquid network.
Bitcoin mining difficulty hits record 83.68 trillion.
Blockchain developer Bruno Skvorc has accused cryptocurrency project World Liberty Financial (WLFI), which is associated with US President Donald Trump, of throttling his tokens and not releasing them. The developer claimed WLFI marked his wallet as "high risk" because of previous blockchain transactions.
Skvorc shared an email from WLFI's compliance team explaining that the block was applied because of indirect connections to certain crypto mixers and previously blacklisted platforms. He said he was one of six investors who faced a 100 per cent token lock from the start. According to him, while receiving tokens in his wallet was allowed, unlocking the same tokens was blocked due to the compliance rules.
On social media, Skvorc called the situation unfair and noted the difficulty in challenging WLFI's decision. He said that his funds were held without a clear timeline for release.
Other account holders associated with WLFI were also restricted. Tron founder Justin Sun revealed that $9 million worth of his tokens had been locked following a red flag from blockchain monitoring over an old transaction. Sun referred to the block as unreasonable and called on the project to release the tokens.
WLFI has not given a public timeline for unlocking the compromised wallets. Investors such as Skvorc and Sun cannot access their funds, expressed in US dollars, through the platform offered by WLFI.
Paxos Plans USDH Stablecoin for Hyperliquid Ecosystem
Paxos, a stablecoin infrastructure provider, has proposed the launch of USDH, a stablecoin specifically for the Hyperliquid ecosystem. The proposal states that USDH would be in line with regulatory needs in the US and EU, including the US GENIUS Act as well as the EU Markets in Crypto-Assets regime.
Through the scheme, 95 per cent of the interest earned on USDH reserves will be used to repurchase Hyperliquid's native token, HYPE. The tokens bought back would be redistributed to users, validators, and partner protocols. Paxos Labs will spearhead the initiative through a new entity. The new entity acquired Molecular Labs, which created Hyperliquid's on-chain building blocks LHYPE and WHLP, to grow its capabilities in the network infrastructure.
USDH would be launched on both the HyperEVM and HyperCore blockchains. Paxos aims to take advantage of its already established partnerships in the US, EU, Singapore, Abu Dhabi, and Latin America to drive USDH adoption.
The proposal follows Hyperliquid's recent robust performance in decentralised perpetual futures trading. In the last month, the platform made around $106 million in revenues from close to $400 billion in volumes. This represented around 70 per cent of the market share in this segment.
Bitcoin Mining Difficulty Reaches All-Time High
The Bitcoin network has seen its highest-ever mining difficulty at 83.68 trillion on September 5. Mining difficulty is a measure of how hard it is for miners to solve the cryptographic challenges required to validate transactions and add new blocks to the blockchain. As more and more computational resources, or hashrate, come into the network, the protocol increases the difficulty of keeping block creation equal.
The recent boost is a 6.98 per cent rise from the last adjustment. The hashrate of the network currently sits at approximately 639 exahashes per second, an indication of total computer power devoted to mining.
The next adjustment in difficulty is anticipated within two weeks subject to network hashrate changes. According to Cointelegraph, mining revenue continues to be affected by US and global operational costs and the market price of Bitcoin.
