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  • DaVinci Resolve 21 hands-on: A viable Lightroom alternative for casual users

    Blackmagic Design’s DaVinci Resolve is a highly capable free color grading tool with a history dating way back to the ‘80s, but it has never been thought of as a rival to Adobe’s Lightroom due to its video origins. Now, Blackmagic Design has released a new version in beta that may change people’s minds about that. The new Photo page lets you import RAW images then adjust them using Resolve’s powerful color grading tools. You even get access to advanced VFX and AI features not found in Lightroom.

    When I saw the new feature, I immediately wondered if I could cancel my $20 per month Adobe Photography subscription (with Lightroom CC and Photoshop CC). Apparently, I’m not alone. After trying it out, I believe that I could do so because photos are secondary to video for me. However, photographers who’ve used Lightroom for a long time would likely find it too painful to switch — at least, for now.

    The Photo page and Albums

    I tested the new Photo page functions and many of Resolve’s new filter effects, but beware that the first beta is still buggy. I used it inside the $295 DaVinci Resolve Studio app (which includes free updates for life), because it has a few extra features not found in the free version.

    With that said, DaVinci Resolve 21 now supports RAW photos from Canon, Fujifilm, Nikon and Sony, with other brands to follow. Blackmagic has pledged to support RAW files for new cameras shortly after they’re released like Adobe does with Lightroom. It also supports TIFFs, JPEGs, HEIFs and other photo file formats.

    DaVinci Resolve 21 hands-on: A viable Lightroom alternative for casual users

    Steve Dent for Engadget

    To organize files, you can think of Resolve’s Projects as equivalent to Lightroom Catalogs. You import photos into a Project just as you do video, by dragging and dropping photos or folders into the media pool or using the “import” function. Resolve’s dedicated Media file management page also supports RAW photos. I find Resolve’s import system to be easier and more logical than Lightroom’s, with less steps required. You can import a full or partial Lightroom catalog into Resolve as well.

    Once your photos are in the media pool, you can select and organize them by file name, rating, colors, favorites and other tags. DaVinci Resolve Studio also offers a new feature called AI IntelliSearch that lets you visually identify photos based on their content using terms like “cats” or “dancing.”

    Photos can then be moved from the media pool into Albums, a new feature that’s similar to Lightroom’s Collections. Albums activate several photo-specific features in the Color and Edit pages. In Edit, Albums appear as simplified, single-track timelines, with each photo shown as a two second clip. That way, you can work with photos in the Color and Fusion pages just as you do with video.

    You can reframe and crop images inside Photo (either by typing in the size or dragging) and make basic RAW-style adjustments for settings like exposure, highlights and shadows. For more advanced grading (like you may do in Lightroom’s Develop), you need to jump into the Color page.

    Color and Fusion

    On the Color page, you get the same functions for photos as video: primary and log color correction, curves, qualifiers, power windows, noise reduction and sharpening. You can also employ Resolve’s class-leading scopes, including parades, waveforms, vectorscopes and histograms.

    Once you’ve created an Album, you can select it at the top of the Color page viewer, just as you would a video timeline. You can also label and sort photos as you do in the Photo page.

    DaVinci Resolve 21 hands-on: A viable Lightroom alternative for casual users

    Steve Dent for Engadget

    Resolve’s node-based workflow really shines for photo editing. You can add nodes in series or parallel to build complex grades, then save and apply those grades to multiple images or an entire photo album. Resolve’s system for doing this via “stills” that show your grade is more visual and powerful than the one in Lightroom. You also get support for Resolve’s functions used for video like Look-Up Tables (LUTs) and the new Film Look Creator effect.

    All of Resolve’s filter-style effects — like Vignette, Lens Blur and Film Damage — are available directly from the Photo page. Those include some of DaVinci Resolve Studio’s new AI effects (not available in the free version) like AI CineFocus, AI Face Age Transformer and AI Ultrafocus. This gives the app a leg up over Lightroom, which only offers comparable features via third-party plugins.

    If you want even more advanced effects, the Fusion page is Resolve’s equivalent to After Effects. There, you’ll find tools like warping, lights and Paint, which lets you do Photoshop-like cloning. Resolve 21 now includes the Krokodove filters with features like warping and text animation.

    This raises the question of whether you can do multi-image compositing in the Photo page like you can in Photoshop or After Effects. In short, it’s not possible as Photo only supports one image at a time. However, once you’ve adjusted a RAW image, you can drop it into a video timeline where your color adjustments and other tweaks will carry over. Then, you can stack multiple images and use any of Resolve’s compositing tools from the Edit or Fusion pages. This is pretty clunky compared to using Photoshop, but it’s the only way to combine multiple images for now.

    DaVinci Resolve 21 hands-on: A viable Lightroom alternative for casual users

    DaVinci’s Resolve 21’s updated export page for photos (Steve Dent for Engadget)

    Once you’ve finished grading and adjusting images, there are two ways to export them. One is by the Quick Export function that provides minimal settings like file type, name and resolution. The better method is via Resolve’s Deliver page, which now has dedicated photo functions when you’re working with an Album. There, you can control size parameters like short and long side, width and height or percentage. You can also change the file type, resolution and quality. This function is severely lacking compared to Lightroom though, which offers advanced settings missing from Resolve, like content credentials, watermarking and post-processing.

    Finally, another new dedicated feature within the Resolve Photo page is Capture Live View for camera tethering, which only supports Canon and Sony cameras for now. It allows you to connect a camera to your PC via USB-C and control aperture, shutter speed, ISO and exposure compensation directly from the app. You can also view your images using Resolve’s scopes and tweak RAW settings like white balance, temperature, shadows, highlights and more.

    Wrap-up

    DaVinci Resolve’s new Photo page can do most of what Lightroom does in terms of image adjustments, while adding powerful effects tools that its Adobe counterpart lacks. It’s not yet a substitute for Photoshop, though, as it lacks the organizing, exporting, compositing and pixel-level editing tools found in that app.

    For now, the Photo page is ideal for filmmakers who dabble in photo editing, along with hobbyists and power users familiar with Resolve’s formidable grading tools. However, professional photographers may want to stick with Lightroom, because Resolve still lacks certain advanced features, particularly around organization and exporting.

    The new DaVinci Resolve Photo page only just launched and is bound to improve greatly over time. If you’re on the fence, download the free version and see if it works for you. A lot of video editors made the same switch from Premiere and have never looked back. Given the current grumbling about Adobe’s subscriptions, I could see many people making the same move from Lightroom to Resolve.

  • Deezer says AI-made songs make up 44 percent of daily uploads

    AI-generated music is spreading like wildfire, according to Deezer, who reported receiving nearly 75,000 uploads of AI-made tracks a day on its platform. The alternative music streaming service based in Paris published a report revealing that 44 percent of its daily uploads are AI-generated songs, accumulating to around 2 million flagged songs a month. If that figure doesn’t alarm you, Deezer said that more than 13.4 million songs were detected and flagged as AI-generated across 2025.

    Those statistics are made possible with Deezer’s patent-pending AI music detection tool, which was launched in January 2025. A few months following the release, Deezer announced that it saw around 20,000 AI-generated tracks uploaded a day, which made up roughly 18 percent of its overall uploads. Despite the swell of AI music on its platform, Deezer said that only about 1 to 3 percent of total streams on the platform involve AI-generated music and that a majority of these streams are marked as fraudulent and demonetized.

    Deezer said its proprietary tool can detect AI-generated music, particularly from two of the most popular offerings right now: Suno and Udio. Despite these two AI music tools getting hit with lawsuits in their early days, some major record labels have had a change of heart and later struck deals with the startups. On the other hand, other music streaming platforms are employing their own verification tools to fortify the floodgates holding back music made by AI. Similar to Deezer, Coda Music uses “AI Artist” labels and even let users flag suspicious artists.

  • Bitcoin faces near-term pressure as liquidity tightens, Hilbert Group CIO says

    Bitcoin faces near-term pressure as liquidity tightens, Hilbert Group CIO says

    Global liquidity is set to deteriorate sharply, according to Russell Thompson, chief investment officer at crypto asset manager Hilbert Group (HILB), who said even a quick geopolitical resolution in Iran is unlikely to sustain a rally in risk assets without policy support.

    Liquidity conditions have stabilized in parts of the financial sector following the rollout of the reserve maturity program (RMP), Thompson said, but a broader tightening of 20%–25% is approaching, a significant drag that could leave bitcoin struggling in the near term.

    “Even with a resolution quickly in Iran, I do not believe that risk assets will rally for any sustainable time without outside help,” Thompson said in the report published last week.

    Thompson said he expects U.S. policymakers to respond. He pointed to likely measures including reform of the supplementary leverage ratio (SLR), a sizable drawdown of the Treasury General Account (TGA) without offsetting Federal Reserve bill issuance, and a series of rate cuts under a potential new Fed chair.

    The SLR is a banking regulation that sets how much capital large banks must hold against their total leverage. The TGA is the U.S. Treasury’s main cash account at the Federal Reserve.

    When the Treasury draws down the TGA (spends money from it), liquidity is effectively injected into the financial system; when it builds the TGA, liquidity is drained.

    Bitcoin’s performance over the past six months has been marked by sharp volatility, a clear shift from late-2025 exuberance to a more fragile, macro-driven market.

    After hitting an all-time high above $126,000 in October 2025, bitcoin entered a sustained drawdown through the end of the year and into early 2026. By February, prices had fallen to roughly $63,000, a decline of about 50% from the peak, amid a broader crypto market sell-off and tightening financial conditions. This period was characterized by weaker demand, exchange-traded fund (ETF) outflows and a more risk-off macro backdrop, with BTC underperforming equities in some stretches.

    Bitcoin is currently trading around $75,600, leaving it significantly off its peak but no longer in freefall. The last six months, in short, have seen a full cycle: from peak euphoria, to a deep correction, to a tentative stabilization phase, with macro liquidity, policy expectations and investor positioning now the dominant drivers.

    Advances in crypto regulation could also provide support. Thompson said he anticipates legal clarity on key measures before the summer recess and a faster-than-expected expansion of the Fed’s balance sheet as disinflationary pressures build.

    Higher oil prices, he argued, could ultimately weigh on growth, while a softening labor market and emerging stress in private credit may add to the disinflationary backdrop.

    Markets remain overly focused on the Federal Reserve as the primary source of liquidity, Thompson said, but the U.S. Treasury has significant capacity to inject funds into both the real economy and financial markets. With Treasury leadership experienced in deploying such tools, he expects a more proactive approach.

    The result: short-term pressure on bitcoin, but improving conditions over the medium term.

    Thompson said he expects bitcoin to be “significantly higher” by year-end as liquidity dynamics evolve. Even in a more protracted scenario, he sees liquidity bottoming around 2027, a timeline that could coincide with fresh all-time highs.

    Read more: U.S. crypto adoption is rebounding, bitcoin still dominates, Deutsche Bank says

  • Five times President Trump made a statement that moved bitcoin, and why it might happen again this week

    Five times President Trump made a statement that moved bitcoin, and why it might happen again this week

    Bitcoin and other risk assets have become increasingly sensitive to statements from U.S. President Donald Trump, with markets often swinging upward or downward within minutes of his social media posts or policy announcements to the news media.

    This has drawn scrutiny from lawmakers, academics and market experts, as questions mount over whether those price movements have created lucrative opportunities for market manipulation or insider trading.

    A recent University of Oxford Faculty of Law study found sharp swings in global markets following rapid changes in U.S. tariff policy, including a sequence in which prices across crypto and stock markets fell after new tariffs were announced, then rebounded after Trump partially rolled them back days later.

    The scale and timing of those moves, the author noted, created “fantastic trading opportunities” for anyone with advanced knowledge of the decisions. Also, those back-and-forth decisions by Trump have been widely criticized and called the Trump Again Chickens Out (TACO) dynamic.

    ‘A great time to buy’

    The issue gained further attention after Trump posted “THIS IS A GREAT TIME TO BUY!! on Truth Social in April 2025 shortly before announcing a tariff adjustment that sent markets higher, prompting calls from lawmakers, including Senator Adam Schiff, for an investigationinto potential insider trading or market manipulation.

    Analysts, experts and media reports have highlighted patterns of large, well-timed trades across commodities and prediction markets, in some cases placed minutes before major policy or military announcements.

    “Many experts say the Trump administration has engaged in market manipulation,” according to a March episode of CBC’s Front Burner, which pointed to unusually massively profitable trades in oil futures ahead of announcements related to the war with Iran.

    Democratic Congressman Stephen Lynch raised similar concerns. He said trading activity tied to major Trump announcements “raised serious concerns about insider trading and market manipulation by government officials in possession of sensitive national security information.”

    There is no evidence that Trump or his administration have violated securities laws or purposely manipulated the markets for self gain, but the increasing number of unusually well-timed market moves, combined with the administration’s direct influence over policy, geopolitics and regulation, has fueled a broader debate over whether the line between political decision-making and market impact is becoming increasingly blurred.

    Here are five top moments when bitcoin’s price swung either up or down due to a statement or social media post by Trump, from the “Genesis” skepticism of 2019 to the naval blockades of 2026.

    The top five BTC price swings

    1. July 11, 2019 — The “Not a Fan” Genesis Post. In his first direct broadside against the asset class, Trump posted on Twitter: “I am not a fan of Bitcoin and other Cryptocurrencies, which are not money… and based on thin air.” Bitcoin dropped 7.1% within 45 minutes of the thread.

    2. March 3, 2025 — The Strategic Reserve Pivot. Following a year of pro-crypto campaigning, Trump confirmed via Truth Social that his “Strategic National Crypto Reserve” would include a multi-asset basket of cryptocurrencies, most notably bitcoin. Bitcoin surged 8.2% in under 24 hours, jumping from $84,000 to over $91,000.

    3. October 10, 2025 — The 100% tariffs on China. In yet another Truth Social post, Trump announced a 100% tariff on all Chinese imports to counter Beijing’s rare-earth export controls. Bitcoin plummeted 12.4% in roughly two hours, crashing from its $124,714 all-time high toward $102,000. And in 24 hours, a $19.38 billion liquidation event had taken place, marking the largest single-day wipeout in the asset’s history.

    4. March 3, 2026 — The Anti-Bank “Genius Act” Post. Trump took to Truth Social once again to criticize Wall Street banks for “undermining” the Genius Act and delaying the passage of the Clarity Act over stablecoin yield provisions. Bitcoin rose 5.2% in 10 minutes to $71,000. This moment highlighted the administration’s willingness to go to war with the legacy financial system to protect the crypto sector.

    5. April 14, 2026 — The Peace Talks. Following the naval blockade of the Strait of Hormuz, Trump said that Iran had “reached out” for potential peace talks and that a deal was “very possible.” Bitcoin rose 6.2% within 30 minutes from $70,000 to nearly $75,000.

    It might happen again

    Bitcoin shot to a more than two-month high above $78,000 on Friday after Trump essentially announced the end of the war and the full reopening of the Strait of Hormuz. Yet, by the end of the day, there were already questions about exactly what the U.S. and Iran had agreed to.

    By Saturday morning, Iran’s military said the Strait was again closed, and there were reports of some ships making U-turns and others being fired upon. Crypto prices were quickly giving back Friday’s gains, with bitcoin sliding back below $76,000.

  • Eric Roberts Says Bob Fosse Made Him Spend the Night in the Real ‘Star 80’ Murder Apartment

    Eric Roberts Says Bob Fosse Made Him Spend the Night in the Real ‘Star 80’ Murder Apartment

    Eric Roberts still isn’t sure how he got through Star 80.

    Appearing on the latest episode of It Happened in Hollywood, the actor looked back on his experience making the 1983 film with director Bob Fosse — a process that was as methodical as it was, at times, deeply unsettling. One moment in particular has stayed with him.

    During production, Fosse insisted that Roberts spend the night in the actual apartment where Dorothy Stratten, the real-life Playboy Playmate of the Year from 1980, was murdered by her husband and manager, Paul Snider, the role Roberts was playing.

    “I didn’t want to go,” Roberts says on the podcast. “I told him, ‘I don’t want it.’ And he said, ‘No, you’re going to spend the night with it. Come on.’”

    The apartment, located off a busy highway, was noisy and impossible to ignore. Roberts says he didn’t sleep. The next day, he filmed one of the movie’s most difficult scenes.

    “That was Bob,” he says. “He wanted you to feel what it was.”

    Roberts’ path to Star 80 was far from straightforward. The year before production, he had been in a serious car accident that left him in a coma and caused lasting memory and coordination issues. At the time, he believed his acting career might be over. Then his manager passed him a script for Fosse’s next project, which had not yet widely circulated.

    “It didn’t grab me right away,” Roberts admits. “It felt very black and white. But it said ‘Bob Fosse’ on it, and that was enough.”

    He went in to audition, repeatedly. Roberts estimates he read for Fosse five or six times before getting a straightforward offer. “He never tipped his hand,” Roberts says. “Then one day he just asked if I wanted to make a movie. “

    Once cast, Roberts entered what he describes as an unusually immersive prep process.

    For roughly three months, Fosse walked him through key locations connected to the infamous true story, including the Vancouver Dairy Queen where Snider first met Stratten, her childhood home and the Playboy Mansion. Rehearsals were held in a church on Highland Avenue in Los Angeles, where Fosse taped out full set layouts on the floor.

    “He knew exactly what he was going to shoot,” Roberts says. “Every move, every piece of furniture, everything.” Fosse’s focus, Roberts adds, was on avoiding a one-dimensional portrayal of Snider.

    “He didn’t want a cartoon,” Roberts says. “He wanted someone real. And the truth is, people like that are all around us. “

    Later in the podcast, Roberts also shared a story from pre-production that he says he rarely tells.

    While staying at a motel with Fosse in West Los Angeles, he received a phone call that Fosse encouraged him to take. On the other end was the late director Peter Bogdanovich, also a former guest on It Happened in Hollywood, who had his own connection to Stratten.

    Bogdanovich had cast her in 1981’s They All Laughed, her leap into mainstream filmmaking, which had led to an affair between filmmaker and muse.

    The obsessive Snider hired a private investigator to follow Stratten. When he discovered she planned to divorce Snider and marry Bogdanovich, Snider murdered Stratten and killed himself. Bogdanovich is depicted in Star 80, renamed Aram Nicholas and played by Roger Rees.

    Adding the strange, sensational surreality of the real-life tragedy, on Dec. 30, 1988, the 49-year-old Bogdanovich married 20-year-old Louise Stratten, Dorothy’s younger sister, sparking a tabloid frenzy.

    “He asked me what I was getting paid, how I got the part,” Roberts recalls. “And then he suggested I leave the movie and that he might consider me for his version.”

    Bogdanovich was developing his own version of the murder, which became the memoir The Killing of the Unicorn, detailing the relationship between their love affair, the making of They All Laughed and her murder.

    Roberts describes Bodanovich’s tone as “condescending.” Meanwhile, Fosse, sitting nearby, urged him to keep the conversation going.

    “I just kept talking, Roberts says. “I told him I’d call him back. “

    He never did.

    When the call ended, Roberts says Fosse was “rolling on the floor laughing.”

    When Star 80 was released in November 1983, Roberts says the response from within the industry was notably muted.

    “They didn’t know how to react,” he says. “They were afraid to like it because it might say something negative about Hollywood. And they were afraid to hate it because it was a great film.”

    The movie received strong reviews but limited awards recognition. Roberts earned a Golden Globe nomination for best actor in a drama but was not nominated for an Oscar — something he acknowledges didn’t fully register until years later.

    “I didn’t even think about it at the time,” he says. “Then someone mentioned it, and I thought, ‘Oh. Maybe I should have been.’”

    Fosse died in 1987, four years after the film’s release, without directing another feature. Looking back, Roberts places Star 80 alongside All That Jazz as defining works.

    “Those are perfect movies,” he says. “Working with him, you realize real geniuses are rare. And they don’t work the way anyone else does.”

    You can listen to the full conversation on It Happened in Hollywood.

  • LayerZero Pins $292M KelpDAO Bridge Hack on North Korea’s Lazarus Group

    LayerZero Pins $292M KelpDAO Bridge Hack on North Korea’s Lazarus Group

    In brief

    • Attackers drained roughly $292M from KelpDAO’s cross-chain bridge on Saturday.
    • LayerZero, which powered the breached bridge, tied the hack to North Korea’s Lazarus Group.
    • The bridge itself wasn’t broken, but attackers corrupted the channel verifying it, Decrypt was told.

    The exploit that drained roughly $292 million from KelpDAO’s cross-chain bridge over the weekend was “likely” the work of North Korea’s Lazarus Group, specifically its TraderTraitor subunit, LayerZero said in a preliminary analysis on Monday.

    Attackers drained 116,500 rsETH, a liquid restaking token backed by staked ether, from the KelpDAO bridge on Saturday, setting off withdrawals across the decentralized finance sector that pulled more than $10 billion out of lending protocol Aave.

    The attack carried the markings of “a highly-sophisticated state actor, likely DPRK’s Lazarus Group,” LayerZero said, specifying the group’s TraderTraitor subunit.

    North Korea’s cyber operations run under the Reconnaissance General Bureau, which houses several distinct units, including TraderTraitor, AppleJeus, APT38, and DangerousPassword, according to an analysis by Paradigm researcher Samczsun.

    Among these subunits, TraderTraitor has been flagged as the most sophisticated DPRK actor targeting crypto, previously linked to the Axie Infinity Ronin Bridge and WazirX compromises.

    LayerZero said that KelpDAO had used a single verifier to approve transfers in and out of the bridge, adding that it had repeatedly urged KelpDAO to use multiple verifiers instead.

    Going forward, LayerZero said it will stop approving messages for any application still running that setup.

    A single point of failure

    Observers say the exploit exposed how the bridge was built to trust a single verifier.

    It was “a single point of failure, regardless of what the marketing calls it,” Shalev Keren, co-founder at cryptographic security firm Sodot, told Decrypt.

    A single compromised checkpoint was enough to allow the funds to leave the bridge, and no audit or security review could have fixed that flaw without “removing unilateral trust from the architecture itself,” Keren said.

    That view was echoed by Haoze Qiu, Blockchain Lead at Grvt, who argued that, “Kelp DAO appears to have accepted a bridge security setup with too little redundancy for an asset of this scale,” adding that LayerZero “also has accountability” given that “the compromise involved infrastructure tied to its validator stack, even if this was not described as a core protocol bug.”

    The attackers came within three minutes of draining another $100 million before a rapid blacklist cut them off, according to an analysis by blockchain security firm Cyvers. The operation was based on tricking a single channel of communication, Cyvers CTO Meir Dolev told Decrypt.

    Attackers tapped two of the lines the verifier used to check whether a withdrawal had actually occurred on Unichain, fed it a fake “yes” on those lines, then knocked the remaining lines offline to force the verifier to rely on the compromised ones.

    “The vault was fine. The guard was honest. The door mechanism worked correctly,” Dolev said. “The lie was whispered directly to the one party whose word opened the door.”

    But while LayerZero, whose infrastructure powered the drained bridge, pointed to Lazarus as the likely culprit, Cyvers stopped short of the same attribution in its own analysis.

    Some patterns match DPRK-linked operations in sophistication, scale, and coordinated execution, Dolev said, but no wallet clustering tied to the group has been confirmed.

    The malicious node software was engineered to erase itself once the attack finished, wiping binaries and logs to obscure the attackers’ trail in real time and in the post-mortem, he added.

    Earlier this month, attackers drained roughly $285 million from Solana-based perpetuals protocol Drift, in an exploit later attributed to North Korean operatives.

    Dolev noted that the Drift hack was “very different in terms of the preparations and execution,” but both attacks required long lead times, deep expertise, and significant resources to pull off.

    Cyvers suspects that the stolen funds have been transferred to this Ethereum address, aligning with a separate report from on-chain investigator ZachXBT which flagged it alongside four others. The attack addresses were funded through coin mixer Tornado Cash, per ZachXBT.

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  • Morning Minute: DeFi’s Future in Question After $292M KelpDAO Exploit

    Morning Minute: DeFi’s Future in Question After $292M KelpDAO Exploit

    3,478.5543
    Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our new daily news show covering all of the top stories in 5 minutes or less, downloadable on Apple Pod or Spotify.

    GM!

    Today’s top news:

    • Crypto majors fall then rebound as Iran tensions escalate; BTC at $75.4k
    • ETFs see $1.4B in inflows on the week, 2nd biggest week of year
    • DeFi TVL falls by $13B as KelpDAO exploit fallout worsens; AAVE -25%
    • Vercel CEO says “highly sophisticated” actors used AI for its exploit
    • Asteroid meme holds at $150M market cap after Elon says “ok” for SpaceX mascot

    🔴 $292M Kelp DAO Exploit Triggers Aave Bank Run, $9B Leaves DeFi in a Day

    Saturday at 17:35 UTC, an attacker sent a single crafted message to Kelp DAO’s LayerZero-powered cross-chain bridge.

    The bridge accepted it as legitimate and released 116,500 rsETH – roughly $292 million and 18% of total circulating supply—to a wallet that had been pre-funded through Tornado Cash ten hours earlier. No ETH ever changed hands on the other side. The rsETH was effectively minted from nothing. The attacker deposited it into Aave V3 and V4 as collateral, borrowed real wrapped ETH against it, and walked.

    Aave didn’t get hacked. Its contracts are fine. But it’s now carrying roughly $196M in bad debt it didn’t create, because rsETH had been whitelisted as ETH-correlated collateral—a faulty assumption.

    In the aftermath, TVL on AAVE dropped 25% from $26.4B to ~$20B in a single day and continues to fall by the day. Broader DeFi TVL fell by $13B. The AAVE token fell 30%.

    ETH depositors trying to withdraw found liquidity at zero, so they started borrowing stablecoins against their deposits to exit—a textbook bank run. SparkLend, Fluid, Upshift, and Lido all froze or paused rsETH exposure. rsETH holders on 20+ chains now have tokens of uncertain backing.

    Aave’s own statement Sunday said rsETH on Ethereum mainnet is “fully backed” but remains frozen “out of an abundance of caution.” But the damage has been done.

    DeFi users are re-evaluating the calculus. Does it make sense to risk exploits for average yield? And now every lending protocol has to reassess security. It will take time to rebuild from this, if it’s even possible.

    There have been $600M lost from DeFi via exploits in just the past 3 weeks. And the pace is accelerating…

    Key Details:

    • Kelp DAO’s LayerZero bridge was exploited Saturday for 116,500 rsETH (~$292M, 18% of supply); attacker minted unbacked rsETH and used it as Aave collateral to borrow real WETH; ~$196M in bad debt left on Aave; AAVE -30%; largest DeFi exploit of 2026
    • The contagion: Aave froze rsETH and WETH across Ethereum, Arbitrum, Base, Mantle, and Linea; TVL dropped $6.2B in one day; ETH depositors borrowing stablecoins to exit triggered a bank run dynamic; SparkLend, Fluid, Upshift, and Lido all froze rsETH exposure
    • The structural issue: LRT tokens like rsETH were whitelisted as near-ETH collateral on Aave, Compound, and Euler; this exploit assumes backing was intact at all times; it wasn’t; every DeFi lending protocol now needs to reassess liquid restaking token collateral risk

    🌊 BTC Hit $78K; Then Iran Closed Hormuz Again

    Friday was the most violent 24 hours in crypto markets since the war started.

    Iranian FM Araghchi posted that the Strait of Hormuz was “fully open to all commercial vessels.” Trump followed on Truth Social claiming Iran agreed to an “unlimited” suspension of its nuclear program and said a permanent deal was “mostly complete.”

    Bitcoin ran from $74.5K to $78,400 – its first print above $78K since February 4. Oil crashed nearly 10% to ~$82/barrel. The S&P 500 closed at a record 7,121. There were $600M+ in crypto short liquidations. The ETFs posted ~$800M+ in inflows, the biggest in months.

    The vibes were euphoric.

    By Saturday morning, tanker owners were receiving Iranian radio transmissions closing the strait. State media said Hormuz had returned to “strict management and control.” BTC pulled back to ~$74K giving back its recent gains, Oil rebounded to $90 and stock futures are red.

    And a return to war looks more likely than ever…

    📅 Saylor Wants to Pay STRC Dividends Twice a Month

    Strategy filed a preliminary proxy Thursday proposing to shift STRC dividend payments from monthly to semi-monthly.

    The annual rate stays at 11.5%, and the $1.2B total obligation is unchanged. Holders would just receive smaller checks every two weeks instead of one larger check per month. If approved, the first semi-monthly payment lands July 15.

    The reason this matters can be seen in the STRC price action over the past few months. Leading up to the dividend cut off date of the 15th, STRC trades at or above its $100 par with increasing volume until the 14th. Then it goes sub-par for a few weeks as traders no longer need to hold for the dividend. Around the 1st of the month, it hits $100 par again and the cycle repeats.

    Well with semi-monthly dividend payments, Saylor could potentially erase that 2-week period where STRC trades sub-par. That would mean more potential capital for him to use to buy Bitcoin – and a safer hold for those holding STRC.

    Assuming this goes through, expect Bitcoin to benefit (and maybe even bigly)…

    🚀 A Dying Girl’s Wish Made a Meme Coin Worth $175M

    Liv Perrotto was 15 years old when she died of cancer in January. Before she passed, she had designed a plush Shiba Inu named Asteroid that flew aboard SpaceX’s Polaris Dawn mission in 2024 as the zero-gravity indicator. Her dying wish was simple: she wanted Elon Musk to make Asteroid the official SpaceX mascot.

    Radio host Glenn Beck posted her story on X Thursday night. Elon replied “Will answer shortly” at 11:50 PM ET. That response alone was enough to send the ASTEROID meme coin to a $30M+ market cap.

    But traders anxiously awaited Elon’s response. On April 18 in the afternoon, they got it. Elon answered the girl’s questions for him and replied “OK” to the SpaceX final item, confirming Asteroid as the official SpaceX mascot.

    The token immediately sent to $100M+ in market cap within hours, reaching $190M+ overnight. It’s now trading near $155M.

    Now the question becomes—will Elon continue leaning in and actually make Asteroid Shiba the SpaceX mascot? Or was this a one off response?

    🌎 Macro Crypto and Markets

    • Crypto majors are red but rebounding after a big Sunday selloff; BTC -0.1% at $75.4k; ETH -1% at $2,316; SOL flat at $85; HYPE -4% at $41.30
    • SKY (+5%), CC (+4%) and M (+7%) led top movers
    • Oil +2% at $88; Gold even at $4,780
    • Stock futures red after record-breaking green streak
    • Vercel’s CEO confirmed a breach traced to a compromised third-party AI tool (Context.ai), which gave attackers access to internal Vercel environments via a hijacked Google Workspace account; CEO Guillermo Rauch called the actors “highly sophisticated” and said they may have used AI to accelerate the intrusion
    • Coinbase is deploying AI agents modeled after legendary former executives directly into Slack and email; “Fred” is based on co-founder Fred Ehrsam and acts as a strategic planning agent; “Balaji” is modeled after former CTO Balaji Srinivasan and is designed to challenge assumptions and spark innovation
    • Sam Altman’s World launched its biggest upgrade yetbringing iris-scan proof-of-human verification to Zoom, Tinder, and concert ticket sales; Tinder will show a “verified human” badge, Zoom gets a deepfake-detection feature called Deep Face, and Concert Kit lets artists reserve tickets for real humans to block scalper bots

    Corporate Treasuries & ETFs

    Meme Coin Tracker

    • Meme leaders were green on the day and week; DOGE +1%, SHIB +31%, PEPE +1%, TRUMP +1%, PENGU +2%, SPX -1%, FARTCOIN -2%
    • Asteroid (+150x), Belief (+400%), Zerebro (+40%), and Griffain (+39%) led notable onchain movers

    💰 Token, Airdrop & Protocol Tracker

    • Creator Fun launched this wekend with a trading terminal, launchpad, AMM and more calling itself “The iPhone moment for Solana”; its CRX token at $13M
    • The RAVE token fell 90% after a ZachXBT investigation

    🚚 What is happening in NFTs?

    • NFT leaders rallied over the weekend but fell overnight; Punks -1% at 26.6 ETH, Pudgy -5% at 4.36 ETH, BAYC -6% at 7.85 ETH; Hypurr’s -1% at 386 HYPE
    • Normies (+20%) and Nakamigos (+15%) led notable movers
    • A PUNK token was airdropped to all Punk holders, soaring 200,000% to $10M in its first night of trading

    Daily Debrief Newsletter

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  • Brunello Cucinelli Takes His Brand to the Big Screen With North American Release of ‘The Gracious Visionary’

    At the start of the new documentary “Brunello: The Gracious Visionary,” Brunello Cucinelli strolls through his vineyards at night, illuminated by dozens of small, contained fires that protect the vines from frost. He’s a man in his 70s, walking with ease and confidence through his domain — a world he spent decades crafting, curating and restoring.

    Last Tuesday, the fashion designer strolled in a very different location. He walked down the star-studded red carpet, flanked by his family, at the New York City gala screening, an exclusive event and celebratory dinner in advance of his documentary’s North American distribution by Blue Fox Entertainment.

    Again, Brunello was a man at ease in his surroundings, pleased to share the docufilm about his life and philosophies. There’s more to the entrepreneur than the wild success of the pullover cashmere sweaters he crafted beginning in 1978. For decades, he has intentionally fashioned a company based on his brand of humanistic capitalism and human sustainability.

    It’s a compelling story both in real life and in the film. Director Giuseppi Tornatore combines documentary storytelling and re-created flashbacks in “Brunello: The Gracious Visionary.” Friends, family, peers and celebrities speak about Brunello’s achievements alongside the re-creations.

    “I wanted Giuseppe to undertake this project because he is a poet, and I believe that poets are the greatest human beings on earth,” Brunello tells Variety. “Ultimately, my dream was for this film to serve as a testament to what my life, what our life, has been: a legacy to leave behind for our children, our grandchildren and all those who will come after us.”

    As the docufilm shows, Brunello spent his early years among a loving family, but emerged from a poor, rural farm existence in Umbria, Italy. He met his future wife Federica when they were teens, and she became his entrée into the world of fashion. Becoming the “King of Cashmere” with his eye-catching, durable pullovers, he has over time expanded his reach in both garments and his approach to running his company. As a young man, he overheard his father complaining bitterly about being treated badly in his factory job, which became a “turning point in my life,” in which he decided to live, and work, for human dignity.

    Federica’s small hamlet of Solomeo became Cucinelli’s home base — not just for his company, but where he could settle down. Over the decades, he’s devoted much of his wealth to preserving an earthquake-damaged castle, turning it into his company headquarters; along with developing parks, renovating a church, building a theater and creating a library with over 500,000 titles.

    Bringing their story to life, one Federica calls a “true fairytale,” shows what the couple of 54 years has achieved together. “This was intended to be, in a sense, our own personal monument to life — partly because Brunello and I met when we were very young,” she tells Variety. “I never would have imagined that we would one day see the story of our lives turned into a film.”

    Meanwhile, the environment in Brunello’s company is less that of a factory and more a creative hive, where workers receive higher-than-average pay and craft their garments in natural light, then share communal meals. To Brunello, the business was never only about making money — it was about creating a livable job environment, where his ideas about treating workers humanely could play out in real time.

    And over the years, the business has become a true family affair. While Federica runs the Brunello and Federica Cucinelli Foundation, their daughters Carolina and Camilla are vice presidents, who know precisely how to share the Cucinelli brand with the next generation. For the NYC gala screening, Carolina wore a “very feminine dress” and paired it with a “non-biker jacket.” Camilla’s gala outfit was created with an eye toward representing the company. “The concept was to feature, for example, a tuxedo with color-blocking rather than a solid, single color,” she tells Variety. “I felt it would effectively embody our philosophy.”

    The family patriarch hopes the company will continue with its mission long after he is gone, ideally in his adopted village of Solomeo. “We feel a profound sense of responsibility toward the company and the people who work alongside us every day. This is also, in part, the reason behind our choice to remain in our village and to raise our families right here in Solomeo,” Carolina tells Variety. “We were instilled with the concept of work as a noble pursuit: one free of coercion yet driven by a great passion inherited from our parents. We have embraced this philosophy and are now weaving it into our daily work, with the hope of carrying this company and its values forward into the future.”

    Possibly the docufilm will be the key to inspiring those next generations, and to convince them to stay the course regarding Brunello’s humanistic philosophy and vision. “One may inherit ownership, but never the actual capacity for entrepreneurship,” he allows. “Yet they truly love it and this whole idea of being here together, with the grandchildren … it all possesses a certain charm, a certain poetry. And so, I wanted this film, both for my grandchildren and for my daughters, to serve as a small living testament: a record of what we have, and of how we have lived.”

    The gala screening, held one day after Blue Fox Entertainment announced the July 24 North American theatrical release date, was also a callback to the past. The first Cucinelli store opened in the United States in the West Village in 2006. Today, the family reveres New York City — and not just as a mecca for fashion. “New York is a city that gives us so much energy and inspiration,” says Carolina. “Every time we visit, we truly take so much back home with us.”

    Ultimately, the founder’s wish is that “Brunello: The Gracious Visionary” will take its rightful place alongside other major achievements — the library, the town restoration, his speech at the G20 Summit in 2021 in which he urged leaders to consider themselves the “temporary guardians of Creation.”

    Brunello, who’s namedropped in “The Devil Wears Prada 2” and inspired an entire storyline in “Emily in Paris,” says the message of his docufilm is not just for people who share his last name. As with many things he does, it’s a message to share with the world.

    “Replace fear with hope,” he urges those who view the film. “Have a dream. Look up at the sky. The stars will be your source of inspiration…. Do not feel pressured to make everything work perfectly right away. Pursue your dream throughout your life. That is what I would love most of all. Hold fast to this ideal and strive to live as if you were the pro tempore custodians of humanity. Yes, yes we can do it.”

    The docufilm, produced by Brunello Cucinelli S.p.A. and MasiFilm in collaboration with RAI Cinema, opened in Italy on Dec. 9 and garnered more than $1 million during its limited seven-day run.


    “Brunello: The Gracious Visionary” opens in theaters in U.S. and Canada on July 24.

  • ‘Practical Magic 2’ Trailer: Nicole Kidman and Sandra Bullock Return for Magical Sequel 28 Years After Original

    ‘Practical Magic 2’ Trailer: Nicole Kidman and Sandra Bullock Return for Magical Sequel 28 Years After Original

    Nicole Kidman and Sandra Bullock are back for more magic.

    Warner Bros. has released the trailer for “Practical Magic 2” after it was debuted last week to attendees at CinemaCon, the annual convention for movie theater owners in Las Vegas. It will arrive in theaters this fall on Sept. 11.

    Directed by Susanne Bier, the sequel “returns to a world steeped in moonlit mischief and powerful ancestral magic, as the Owens sisters must confront the dark curse that threatens to unravel their family once and for all in a must-see cinematic event of fun, magic and mayhem.”

    In addition to Kidman and Bullock back as Sally and Gilly Owens, the cast includes Joey King, Lee Pace, Maisie Williams, Xolo Maridueña and Solly McLeod. Stockard Channing and Dianne Wiest are also back as Frances and Jet Owens, Sally and Gilly’s aunts, after starring in the original 1998 film.

    In the sequel, Sally has adult daughters now starting lives of their own, while Gilly has settled into a cozy life with a black cat. It doesn’t take long for trouble to find them — Pace’s mystery character pulls the sisters from their quaint New England town on a dramatic assignment.

    Akiva Goldsman and Georgia Pritchett wrote the sequel, which is based on the 2021 novel “The Book of Magic” by Alice Hoffman, the fourth in her “Practical Magic” book series. Denise DiNovi, Bullock and Kidman produce. Andrew Kosove, Broderick Johnson, Donald Sabourin and Hoffman serve as executive producers.

    Watch the trailer below.

    More to come…

  • JUST IN: U.S. President Donald Trump Makes a Statement on the Iran Ceasefire – “The Likelihood of an Extension Is Very Low”

    JUST IN: U.S. President Donald Trump Makes a Statement on the Iran Ceasefire – “The Likelihood of an Extension Is Very Low”

    US President Donald Trump, in a statement regarding the extension of the ceasefire agreement with Iran, said that under the current circumstances, extending the agreement is “quite unlikely.”

    Speaking ahead of the ceasefire, which is set to end Wednesday evening Washington time, Trump stated that conflict could be inevitable if an agreement could not be reached between the parties.

    Trump announced that US Vice President JD Vance would be traveling to Pakistan today and that negotiations would proceed within that framework. He maintained that the Strait of Hormuz would only be reopened after a formal agreement was signed, and stated that the talks with Iran were beneficial to all parties. The US President also indicated that he might want to participate in the talks personally, but did not think it was necessary.

    Related News Trading Volume Surges for 15 Altcoins in South Korea – XRP Tops the List

    Markets fluctuated following Trump’s remarks. The S&P 500 index extended its losses to 0.5%, while oil prices briefly rose by $1.

    On the other hand, statements from the Iranian side increased the uncertainty surrounding the negotiation process. Tasnim News Agency, known for its close ties to Iran, reported on April 20 that the Tehran administration’s decision not to participate in the talks remained unchanged. This indicated that diplomatic contacts between the parties had not yet made any concrete progress.

    Assessments on the issue also came from Europe. French President Emmanuel Macron criticized both the US and Iran for their stances on closing the Strait of Hormuz, arguing that both sides were taking the wrong approach.

    In addition, according to information reported by Axios, the US is preparing to host a new round of talks between Israel and Lebanon on April 23.

    *This is not investment advice.