Chinese authorities are investigating offshore cryptocurrency exchanges, including Huobi and Tron, for alleged illegal activities. In other news, Coinbase's CEO revealed Binance sold all its USDC holdings, while Coinbase's Q2 earnings showed a decline. The Central Bank of Honduras is progressing towards launching its own CBDC, despite growing Bitcoin adoption. Lastly, Elon Musk dismissed rumors of launching a crypto token for his platform, X, following a pump and dump incident involving the unendorsed TwitterDAO token.