Answer-Box: A U.S. Defense Department internal assessment reveals the true cost of military operations against Iran could reach $100 billion, far exceeding the official $31 billion figure, while Hyperliquid's pre-market trading values ChangXin Memory Technologies (CXMT) at $540 billion, surpassing Tencent. Meanwhile, major cryptocurrencies saw modest gains with BTC up 2.17% and ETH up 3.11%, while ZEC led with 8.63% gains and RE dropped 9.28%.
U.S. Iran Operation Costs Could Triple Official Estimates
The Pentagon's internal evaluation indicates that actual spending on military actions against Iran may total approximately $100 billion, more than three times the publicly reported $31 billion. The discrepancy stems from unreported combat expenditures, losses of advanced fighter jets, and reconstruction costs for damaged U.S. military facilities. Rebuilding bases that came under attack alone could exceed $30 billion, according to CCTV News. The revelation adds to fiscal pressure on the U.S. government and may heighten risk aversion in global markets.
Hyperliquid Lists CXMT Pre-Market; Market Cap Surpasses Tencent
Trade.XYZ launched a pre-market contract for ChangXin Memory Technologies (CXMT) on Hyperliquid's HIP-3 market, with the token price reaching a high of $8.64. At current prices, CXMT's implied market capitalization stands at approximately $540 billion, overtaking Tencent's $526.5 billion valuation and ranking 32nd globally. CXMT is scheduled to begin subscription on the STAR Market (科创板) on July 16. Separately, SpaceX shares fell below their IPO price of $135 for the first time, according to MSX.COM data.
Crypto Market Shows Mixed Performance
Centralized exchange data reveals a divergent trend among major tokens. BTC rose 2.17%, ETH gained 3.11%, SOL added 1.21%, XRP climbed 2.28%, and DOGE edged up 0.93%. Privacy coin ZEC led the top 10 with an 8.63% surge, while RE plunged 9.28%. Among the 24-hour gainers on OKX, ARG skyrocketed 55.11%, followed by POR (+21.86%), ONDO (+17.46%), and SKL (+15.96%). On-chain meme tokens like TPM, PEOPLE, AUGUR, HEAA, and WIFARG also saw active trading, indicating speculative capital chasing high-volatility assets.
Fed Officials Flag Sticky Inflation; DTCC Tokenizes Treasuries and Stocks
Federal Reserve Bank of New York President John Williams stated that inflation remains too high at around 4% and is expected to decline to about 3.25% by year-end, reaching the 2% target only by 2028. He projected real GDP growth of 2% to 2.25% this year, with the Middle East conflict and surging AI investment posing upside risks to inflation and downside risks to growth. Separately, the Depository Trust & Clearing Corporation (DTCC) announced it will tokenize Microsoft shares, SPY, QQQ, and U.S. Treasury bonds for Wall Street firms, with BlackRock, Goldman Sachs, and JPMorgan participating. The tokenized assets will be used for collateral transfers, repo transactions, and stock trading.
DeFi Attack Shuts Down Summer.fi; Uniswap Proposal Targets Robinhood Chain
Lazy Summer Protocol suffered an attack on July 6, where an attacker manipulated the share prices of two USDC Vaults to steal approximately $6.04 million in deposits. The incident drained the protocol's and team's funds, leaving insufficient operating capital. The team announced the closure of Summer.fi and its Labs company, maintaining front-end access only until August 31. In other DeFi news, Uniswap has submitted a governance proposal to extend its protocol fee collection and UNI token burning mechanism to Robinhood Chain, covering versions v2, v3, and v4. Fees generated on-chain would be routed to a TokenJar contract and converted to UNI for burning via bridging to Ethereum mainnet.
Base Co-Founder Admits Social Bet Was Wrong; Musk Plans Full X Open Source
Base co-founder Jesse Pollak acknowledged that the bet on on-chain native social applications was a mistake, noting that social platforms like Farcaster and Zora failed to become the primary driver of crypto adoption. He said Base will reposition as the "blockchain for global finance," focusing on trading, payments, and AI agents in 2026. The Base application will be returned to Coinbase and handed over to Cobie. Meanwhile, Elon Musk announced that after completing a security vulnerability review, X will open-source its entire codebase without exception and invite third-party auditors to verify that the running system matches the public code.
Samsung Explores ADR Listing; Anthropic Plans IPO Meetings
South Korean media Bloter reported that Samsung Electronics has internally studied the possibility of issuing American Depositary Receipts (ADRs) for a U.S. listing. Although the company publicly denies such plans, business units are evaluating potential costs and procedures, and have consulted with SK Hynix, which recently completed an ADR issuance. Separately, market sources indicate that AI company Anthropic plans to hold IPO investor meetings in the coming weeks. Iran's Foreign Ministry spokesman stated that the armed forces have made clear that any aggression against Iranian territory will be met with a proportional response, and there are currently no plans for negotiations, focusing instead on defense.