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BGB token price explodes, $6 in view as Bitget partners with Morph Chain

  • Morph Chain adopts the BGB token as its gas and governance token.
  • 860M BGB burned, cutting supply and boosting scarcity.
  • Chainlink PoR integration strengthens trust and transparency.

Bitget’s native token, BGB, has seen a sharp surge in price following a string of major announcements, with investors now eyeing the $6 mark.

The rally comes on the back of a new partnership with Morph Chain, aggressive token burns, and fresh transparency measures that have drawn renewed confidence to the exchange and its ecosystem.

Bitget inks deal with Morph Chain

Bitget has announced a strategic partnership with Morph Chain.

Under this agreement, the exchange confirmed that 440 million BGB tokens previously held by the team will be transferred to the Morph Foundation.

The deal goes further, as Morph will adopt BGB as both its gas and governance token, making it the lifeblood of the network.

This move not only ensures deeper integration of BGB into the expanding Web3 ecosystem but also places it at the heart of Morph’s settlement layer, touted as a new on-chain home for more than 120 million users worldwide.

The deal cements Bitget’s ambition of taking its token beyond exchange utility and into broader DeFi adoption.

Chainlink’s Proof-of-Reserve system integration

Beyond the Morph deal, Bitget has sought to strengthen confidence in its reserves.

On August 20, 2025, the company integrated Chainlink’s Proof-of-Reserve system, enabling real-time verification of its wrapped Bitcoin reserves.

This addresses the lingering concerns around exchange solvency that have haunted the industry since the collapse of FTX.

The proof-of-reserve system demonstrates that each BGBTC token is backed one-to-one with Bitcoin, offering institutional-grade assurance to both traders and DeFi partners.

Similar transparency upgrades, such as Binance’s earlier Merkle audits, have often paved the way for strong rallies in exchange tokens, and Bitget’s adoption of this approach could catalyse greater institutional interest in BGB.

Deflationary mechanics fuel optimism

Alongside these transparency efforts, BGB’s tokenomics have become increasingly attractive.

Over the past eight months, Bitget has burned 860 million tokens, equal to 43% of the total supply.

In the second quarter of 2025 alone, 30 million BGB, worth approximately $138 million, were permanently removed from circulation.

With the circulating supply now equal to the total supply at around 1.14 billion tokens, inflation risks have been eliminated.

On-chain data further shows that large holders have been accumulating BGB in million-dollar tranches, signalling confidence in the token’s long-term potential.

Historically, deflationary mechanisms have been a strong price driver in the exchange token market, with BNB providing one of the clearest examples.

BGB technical analysis points to $6

The price of BGB has broken above its seven-day moving average at $4.59 and cleared the Fibonacci 23.6% level at $4.84, pushing toward $5.20.

Market analysis highlights $5.20 as the pivot level to hold, with resistance expected at $5.84, $5.96, and then $6.43.

If BGB sustains its position above $5.20, a push toward the $6 zone looks increasingly likely.

However, near-term profit-taking caution remains, with momentum indicators such as the MACD histogram and RSI hinting at mild overbought conditions.

The post BGB token price explodes, $6 in view as Bitget partners with Morph Chain appeared first on CoinJournal.

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Michael Saylor’s Strategy buys the Bitcoin dip, adds 4,048 BTC

  • The acquisition cost $449.3 million, with the company paying an average of $110,981 per coin.
  • Following the latest acquisition, Strategy’s total Bitcoin holdings rose to 636,505 BTC.
  • The company’s latest purchase follows a series of smaller acquisitions in August.

Strategy, the world’s largest public company holding Bitcoin, led by Michael Saylor, disclosed in a US Securities and Exchange Commission filing on Tuesday that it purchased 4,048 Bitcoin between August 25 and September 1.

The acquisition cost $449.3 million, with the company paying an average of $110,981 per coin.

According to CoinGecko data cited in the filing, the purchases were made as Bitcoin prices briefly climbed above $113,000 before dropping below $108,000 last Friday.

Strategy’s BTC bet

Following the latest acquisition, Strategy’s total Bitcoin holdings rose to 636,505 BTC.

The company has acquired its reserves for approximately $46.95 billion, at an average purchase price of $73,765 per coin.

The company said the latest acquisitions were financed through proceeds from at-the-market sales of its Class A common stock (MSTR) as well as its perpetual preferred stock programs, including Strike (STRK), Strife (STRF), and Stride (STRD).

Strategy reported that it sold 1,237,000 MSTR shares for $425.3 million, with $16.31 billion still available for issue under its at-the-market program.

In addition, the company sold 199,509 STRK shares for about $19 million, with $20.39 billion remaining, 237,931 STRF shares for $26.5 million, with $1.8 billion remaining, and 12,973 STRD shares for $1 million, leaving $4.17 billion available.

August buying activity slows

The company’s latest purchase follows a series of smaller acquisitions in August.

Strategy had announced the purchase of 3,081 BTC last week, along with earlier acquisitions of 430 BTC and 155 BTC in the same month.

Combined with the most recent purchase, the company acquired 7,714 BTC in August, significantly lower than the 31,466 BTC bought in July.

Saylor had signalled the likelihood of additional acquisitions ahead of the filing, posting an update to Strategy’s Bitcoin tracker over the weekend, saying Bitcoin was “still on sale.”

The company also confirmed that a group of investors dropped a class action lawsuit on Thursday.

The lawsuit, filed in May, alleged that Strategy had made false and misleading statements about its investment strategy.

The BTC treasury race

According to data from Bitcoin Treasuries, 163 public companies have adopted some form of Bitcoin acquisition model.

Other large holders include MARA with 50,639 BTC, Tether-backed Twenty One with 43,514 BTC, Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company with 30,021 BTC, Bullish with 24,000 BTC, Metaplanet with 20,000 BTC, Riot Platforms with 19,239 BTC, Trump Media & Technology Group with 15,000 BTC, CleanSpark with 12,703 BTC, and Coinbase with 11,776 BTC.

 

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XVS price slips after $27M Venus Protocol phishing attack

  • A Venus network user suffered massive losses after authorizing a malicious transaction.
  • The perpetrator took seconds to drain vUSDT, BTCB, vETH, vXRP, and vUSDC.
  • The native token plunged sharply after the news.

While the crypto market displayed stability on Tuesday, XVS painted its daily chart red after news surfaced that a Venus Protocol user had encountered a sophisticated phishing scam, resulting in the loss of digital assets worth a whopping $27 million.

What attracted attention is how the incident unfolded.

It was not a weakness in Venus Protocol. The attacker gained complete access to the victim’s assets after a simple mistake.

According to an on-chain investigator, PeckShield:

The victim approved a malicious transaction, granting token approval to the attacker’s address (0x7fd8…202a) for asset transfer.

The perpetrator’s burner wallet instantly drained the assets after the user approved access.

It took seconds to lose a fortune, likely accumulated in years.

Such incidents underscore the brutal reality in the DeFi world, where a simple mistake can translate to disastrous losses.

The numbers reveal how devastating the attack was:

  • $19.8M in vUSDT
  • $7.15M worth of vUSDC
  • $146K in vXRP
  • $22K in vETH
  • $285 Bitcoin on BNB Chain (BTCB)

The victim lost what most people would consider generational wealth, especially in the crypto industry.

What’s worse is that the hack didn’t happen due to weaknesses in Venus Protocol.

The attacker leveraged the user’s innocence and deception to orchestrate the scam.

Venus Protocol remains secure

One thing that the community would like to know is whether the perpetrator breached the Venus Protocol.

NO. The BNB Chain-based lending and borrowing protocol remained secure and fully operational.

The $27 million loss didn’t stem from a coding flaw, systematic exploit, or bugs in smart contracts.

It is part of the rising trend of social engineering frauds, where attackers trick users into authorizing token approvals.

In June, a New York scammer used social engineering to steal assets worth over $4 million from a Coinbase user.

Another similar incident had a victim losing over $240 million in August last year.

The weak point has nothing to do with the protocol, but the user who’s controlling the wallet.

Thus, the Venus Protocol remained operational after one of its users suffered a devastating loss.

Doesn’t that add to the victim’s frustration?

Risks linked to DeFi’s freedom

Decentralized finance thrived on permissionless technology.

However, that freedom carries significant dangers.

Token approvals ensure streamlined interactions between digital assets and decentralized applications (dApps).

Nevertheless, giving wallets unlimited approvals limits user control.

The powers turn deadly if the wallet belongs to a fraudster.

That’s what the Venus Protocol victim met – a simple approval turned out to be a complete disaster.

Furthermore, DeFi doesn’t have a refund button or helpline.

Mistakes are final in this industry, and the $27 million is likely gone forever.

XVS price outlook

Venus Protocol’s native token turned bearish amidst the scam developments.

It has lost more than 6% on its daily chart after a sharp dip.

XVS trades at $5.99 with an overwhelming selling pressure.

The 400% surge in 24-hour trading volume signals heightened activity, potentially from holders exiting positions to avoid further losses.

Bears dominate XVS’s price charts, hinting at more declines before the altcoin secures footing.

The post XVS price slips after $27M Venus Protocol phishing attack appeared first on CoinJournal.