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💰 BigONE Exchange Reports $27 Million Loss from Security Breach
🚨 Cryptocurrency exchange BigONE has confirmed a significant $27 million loss due to a third-party attack on its hot wallet on July 16. The incident was highlighted by blockchain security firm Slowmist, which warned of a compromise to the exchange's production system. This breach allowed the attacker to modify operating logic on account and risk control-related servers, facilitating the theft of funds.
🔍 In response to the attack, BigONE stated that it quickly identified and contained the breach. The exchange assured its users that all private keys remained secure and that no further losses were anticipated. BigONE is working closely with SlowMist to trace the hacker's addresses and monitor fund movements.
💼 The exchange committed to fully compensating affected users, stating,
BigONE will fully cover all losses incurred from this incident. User assets will not be affected in any material way.
🌐 The Convergence of Crypto Payments and AI: A New Era in Web3 Ecosystems
🔗 The crypto payments landscape is evolving as it merges with artificial intelligence (AI) technologies. A report by Oak Grove Ventures explores this shift through three case studies: Crossmint’s collaboration with Boba Guys, AEON’s crypto-native payment protocol for AI agents, and Gaia Network’s partnership with MoonPay. These examples illustrate how technology integration is transforming payment processes and user interactions.
🔄 At the heart of this transformation is a new logic: AI enhances payment systems with dynamic decision-making, while blockchain provides a secure execution environment for AI agents. This creates a closed loop of “data on-chain → intelligent processing → value transfer.” The AI agent market is expected to grow significantly, from $5.1 billion in 2024 to $47.1 billion by 2030, with a compound annual growth rate (CAGR) of 44.8%. As a value carrier for AI, crypto payments are redefining user interactions in Web3 and driving the digital transformation of traditional sectors.
🌍 This trend highlights how technological collaboration is bridging the gap between on-chain and off-chain worlds. Crypto payments connect data value while AI facilitates intelligent alignment between assets and behavior. We are approaching a tipping point in realizing the vision of a value internet—moving from concept to large-scale application.
👉 For a deeper understanding of the case studies, industry challenges, and future prospects of this integration, click on the original link to access Oak Grove Ventures’ comprehensive research.
🚨 Breaking: 📢 Trump Announces 25% Tariffs on Japan and South Korea, BTC Price Reacts 📊
👉 Read more
⚖️ Bitcoin's Resilience Amidst Global Tensions
🌍 Last week, despite intense global headlines about nuclear threats, trade disputes, and political turmoil, Bitcoin remained relatively stable with only a slight decline. It started the week strong but ended approximately 3.5% lower than the previous Friday as attention shifted towards geopolitical and macroeconomic factors.
⚡️ On June 1, 2025, tensions escalated when Ukraine's SBU launched Operation Spiderweb, targeting Russian bombers. This prompted a warning from Kremlin spokesman Dmitry Peskov about potential retaliation. The framing of this incident by Western media as daring rather than reckless raises concerns about the risk of nuclear escalation and its implications for international shipping.
📉 The U.S.-China trade relationship also deteriorated, with Washington accusing Beijing of violating a recent tariff rollback deal. This ongoing tension is straining supply chains, evidenced by a 57% increase in container freight costs from Shanghai to LA. American automakers have urged the government to address China's rare-earth export restrictions to prevent parts shortages.
💔 Additionally, a public feud between Donald Trump and Elon Musk unfolded on social media. However, some see a silver lining in this conflict for Bitcoin, suggesting that Musk's comments could indicate a shift towards becoming a Bitcoin advocate.
📊 Despite these challenges, Bitcoin's 3.5% decline seems modest in light of the surrounding uncertainties. There are bullish arguments for Bitcoin that have been discussed extensively. Ram Ahluwalia, CEO of Lumida, summarized the situation well:
These geopolitical risks are nothing burgers… Just zoom out. What drives asset prices, especially stock prices, is earnings growth.
➡️ Ben Perrin's YouTube Account Suspension: A Cautionary Tale
♾ Ben Perrin, a well-known Bitcoin educator and host of the YouTube channel "BTC Sessions," experienced a shocking moment during a live stream on X when his account was suspended. He remarked,
I think that the channel just got cut from Youtube. It’s telling me that my Youtube channel is gone with no warning whatsoever.
This was a mistake on our end and your channel has been reinstated. We’re very sorry for the frustration this caused. Your videos and content will reappear within 24-48 hours.
💰 Bitcoin's Resilience Amid Global Tensions
📉 Bitcoin (BTC) maintained its position above $100,000 for over 40 days but ended the week at $103,355, reflecting a 1.3% decline. In contrast, Bitcoin Cash (BCH) outperformed the market with a nearly 10% increase, reaching over $476.
🌍 Despite escalating conflicts between Israel and Iran that rattled markets, BTC remained relatively stable. It experienced an upward trend at the beginning of the week, peaking just under $109,000 on June 16. However, it dropped to $103,645 within 24 hours before stabilizing between $104,000 and $105,000 for the next three days.
🏦 During this period, the U.S. Federal Reserve, led by Jerome Powell, decided to keep interest rates unchanged. This decision sparked frustration from the U.S. President. However, comments from Federal Governor Christopher Waller suggesting a potential rate cut in July pushed BTC past $106,000 on June 20. This surge was short-lived, as the cryptocurrency fell to $103,000 shortly after.
📉 Other major digital assets also closed the week lower, with Hyperliquid experiencing the steepest decline at 19%. AVAX and SUI dropped by 9.9% and 10% respectively, while DOGE fell by 9.2%. ADA saw a significant decrease of 8.6%, ending the week at $0.5744.
📈 On the other hand, BCH emerged as a leader among gainers, rising nearly 10% and closing just above $476. Since hitting a low of $382.22 on June 5, BCH has surged by almost 24%, making it one of the top-performing digital assets in June.
🌟 Other notable gainers for the week included WBT with over 25% growth, SEI at 28%, and KAIA rising by 26%. SNTR was the standout performer, skyrocketing by nearly 800%, while ZKJ faced the largest drop, plummeting by 85%.
💰 Defunct Crypto Firms Still Control $1.5B in Onchain Assets
📉 In recent years, several digital asset firms have collapsed due to various reasons, including major incidents like the FTX and Terraform Labs failures. Despite their demise, some of these firms still retain significant onchain wealth.
Though these companies have vanished due to collapses and bankruptcies, their wallets—such as those tied to FTX—remain under the stewardship of court-appointed bankruptcy estates.
FTX followed in November 2022, unleashing a broader shockwave after disclosures revealed customer funds were misappropriated and leveraged to support its own token.
Celsius Network, which halted withdrawals and entered bankruptcy in July 2022 amid liquidity woes and risky bets, currently holds $6.89 million.
At the time of writing, these eight defunct entities collectively hold an eye-popping $1.546 billion in onchain assets.Читать полностью…
💰 New ETFs Launch Amid CRCL's Soaring Debut
🚀 Two new single-stock exchange-traded funds (ETFs) are set to launch, aiming to take advantage of Circle Internet Group's (CRCL) remarkable 266% surge since its IPO last Thursday, now trading at $113 per share. Proshares and Bitwise are introducing these specialized funds to cater to varying investor risk appetites.
📈 The Proshares Ultra CRCL ETF aims to deliver 2x the daily performance of CRCL’s stock through derivatives like swaps to amplify returns—and losses. This leveraged approach is tailored for short-term traders, as compounding effects can significantly deviate from the 2x target over longer periods.
💵 On the other hand, the Bitwise CRCL Option Income Strategy ETF utilizes a covered call strategy, selling call options on CRCL shares to generate income while capping upside potential. This conservative options strategy allows investors to collect premiums in exchange for agreeing to sell shares at a set price if the stock rises beyond that level.
📊 CRCL’s volatility makes it an ideal candidate for these strategies. Despite its current price of $113, CRCL reached an all-time high of $138.57. The stock’s wild swings—driven by its connections to stablecoin issuer Circle and the broader crypto market—could attract both aggressive traders and income seekers.
⚠️ Proshares’ filing emphasizes risks, including the potential for total loss in leveraged positions if CRCL drops 50% intraday. In contrast, Bitwise’s fund aims to mitigate downside through options income but may underperform in a sustained rally. As single-stock ETFs linked to crypto gain popularity, these launches underscore Wall Street’s rush to capitalize on CRCL’s momentum.
📉 High Failure Rates in VC-Backed Crypto Projects: A Study
📊 A recent study by Chainplay and Strorible reveals alarming statistics about venture capital (VC)-backed crypto projects. It found that nearly 45% of these projects have shut down, and 77% fail to generate $1,000 in monthly revenue. The study analyzed 1,181 projects that received funding between January 1, 2023, and December 31, 2024.
🔍 The findings challenge the common belief that VC backing ensures a project's success. Notably, Polychain Capital, a top-tier VC firm, had the highest rate of investment failures, with 44% of its projects failing. The study also revealed that 37.45% of promising projects backed by top-tier VC firms have failed, while 34.56% are dead. Over a third (33.41%) earn less than $1,000 per month.
💔 Other prominent VC firms also experienced significant failures. Yzi Labs (formerly Binance Labs) saw 72% of its backed projects fail, and Circle (38%), Delphi Ventures (33%), Consensys (30%), and Andreessen Horowitz (24%) all reported high rates of project shutdowns.
👤 Among angel investors, Balaji Srinivasan had the highest share of dead projects at 57%, followed by Arthur Hayes (34%) and Santiago Santos (15%). Sandeep Nailwal and Stani Kulechov each saw 10% of their backed projects cease operations.
💰 Despite these grim statistics, the study suggests a strong correlation between fundraising amounts and project success. It indicates that raising over $50 million significantly lowers failure rates, while projects that raised less than $5 million faced failure rates above 33% and nearly 20% ended up dead. The report emphasizes that substantial capital is crucial for survival in the crypto space.
💰 Liquidium Launches Cross-Chain Loans for Seamless Crypto Transactions
➡️ Liquidium has introduced its innovative Cross-Chain Loans product, allowing users to lend and borrow across bitcoin, ethereum, and solana without relying on centralized bridges or wrapped tokens. This new protocol enables users to use native bitcoin as collateral while borrowing native assets like USDT on Ethereum or USDC on Solana.
🔗 The platform utilizes ICP’s Chain Fusion technology for secure cross-chain communication. With around $430 million in loan volume and nearly 100,000 loans facilitated, Liquidium aims to leverage the billions of dollars in idle bitcoin liquidity currently locked in wrapped assets.
🔄 The rebranding of its original bitcoin lending app to Liquidiumwtf signifies the platform's focus on Ordinals, Runes, and BRC-20 tokens while enhancing its cross-chain capabilities. A closed beta is scheduled for Q3 2025, with a public release anticipated later this year.
⏱️ Franck Muller and Solana: A Revolutionary Timepiece
➡️ Swiss luxury watchmaker Franck Muller has teamed up with the Solana blockchain to introduce a limited edition watch, the Franck Muller 41mm Solana. This exclusive timepiece is limited to just 1,111 pieces and is priced at $24,360 (20,000 francs). This launch marks a significant milestone in merging high watchmaking with the innovative realm of Web3.
🛠 The watch is crafted by Franck Muller’s artisans and features a sleek dial with a distinctive QR code. This code provides a direct link to the wearer’s personal Solana wallet, showcasing a blend of traditional craftsmanship and modern technology. A representative from Franck Muller remarked,
This collaboration represents a perfect harmony between timeless design and the dynamic world of Web3.
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🚀 XPFinance: A New Era for DeFi on the XRP Ledger
🌟 The XRP Ledger is gaining attention with the launch of XPFinance, a decentralized lending and borrowing protocol. In just 24 hours, its presale has filled over 10% of its 100,000 XRP soft cap, attracting whales from Solana and Cardano ecosystems.
🔍 XPFinance is the first fully decentralized, non-custodial platform built on the XRP Ledger. It aims to create a vibrant DeFi ecosystem where users can lend, borrow, and earn passive income without intermediaries. The platform leverages XRPL’s strengths—fast settlement speeds, low fees, and strong security—to appeal to both institutional and retail investors.
💰 Several features drive XPFinance’s popularity: fully decentralized lending allows users to retain control over their XRP; transparent tokenomics offer a fixed presale rate with potential for profit; high yield staking rewards provide sustainable income; and reduced borrowing fees coupled with governance rights enhance user engagement.
➡️ The XPF token is central to XPFinance, offering staking rewards, lower fees, and governance power. Key details include a total supply of 200 million XPF, a presale allocation of 60 million tokens, a fixed presale price of 1 XRP = 200 XPF, and a DEX listing price of 1 XRP = 140 XPF.
📝 To participate in the presale, users need to acquire XRP, transfer it to a non-custodial wallet, visit the presale page, and set a trustline for XPF tokens. With over 10,000 XRP already committed, XPFinance is poised to play a significant role in the upcoming XRP DeFi bull run.
📈 Standard Chartered Revises Bitcoin Forecast Amid Surging Prices
🚀 Standard Chartered has swiftly adjusted its Bitcoin forecast, admitting that its previous target of $120,000 underestimated the cryptocurrency's recent explosive growth. Geoffrey Kendrick, the bank's head of digital assets, acknowledged in an email to clients that Bitcoin's surge past $100,000 and increasing institutional investment had exceeded his expectations. He stated,
I apologise that my USD120K Q2 target may be too low.
We expect these supportive factors to push BTC to a fresh all-time high around USD 120,000 in Q2.
The dominant story for bitcoin has changed again... It is now all about flows. And flows are coming in many forms.
🟢 Bitcoin's Current Market Status and Future Outlook
📈 Bitcoin is currently trading at $96,101 with a market capitalization of $1.907 trillion. In the past 24 hours, its trading volume reached $21.413 billion, fluctuating between $95,944 and $97,821. The daily chart shows a bullish trend as Bitcoin has risen from $74,434 to a recent high of $97,938. However, the increasing volume during this rise has started to decrease, indicating a potential loss of bullish momentum. A rising wedge pattern has formed, which often signals impending reversals. The immediate support zone is between $90,000 and $91,000, with secondary support around $84,000.
🔄 The 4-hour chart shows a sideways-to-bearish structure since Bitcoin peaked on May 1. Lower highs are being established, suggesting a possible downtrend, especially with a significant red volume bar recorded on May 2 indicating growing selling pressure. The price is currently fluctuating between $96,000 and $97,000. A decisive break above $97,500 with strong volume could lead to short-term upside movement, while a drop below $96,000 might result in a pullback towards the $94,000 support level.
📉 Short-term signals on the 1-hour chart confirm a bearish outlook. A double top pattern near $97,938 has resolved downward, and the trend is marked by lower highs and lower lows. Volume on red candles has increased, indicating sellers dominate the intraday action. Immediate support is between $95,500 and $95,800; a break below this range could lead to $94,500. Conversely, reclaiming $96,500 with strong bullish volume could allow for intraday long scalps.
⚖️ Oscillator readings across all timeframes show a generally neutral stance. The relative strength index (RSI), Stochastic percentage, commodity channel index (CCI), average directional index (ADX), and Awesome oscillator are all neutral. However, the momentum indicator is signaling a sell, while the moving average convergence divergence (MACD) is in buy territory, reflecting a conflict between short-term selling pressure and longer-term bullish bias.
🔥 24-HOUR COINSRUN CHALLENGE IS ON! 🔥
Welcome to the hottest Telegram game in Web3 — @CoinsRun. Join now and compete to win! 🕹️💰
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How to enter:
✅ Play the CoinsRun game
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✅ Drop your username in the comments
You've got just 24 hours to race to the top — good luck! 🏁
Let’s see who’s got the fastest fingers in Web3 👀
🥇Run, Collect and Win: http://bit.ly/4ltJBS3
Telegram | Chat ENG | X (Twitter)
💱 Russian Diplomat Blames Biden for Dollar's Decline
➡️ A senior Russian diplomat has attributed the declining dominance of the U.S. dollar in global finance to former President Joe Biden. Maria Zakharova, spokesperson for the Russian Foreign Ministry, accused the Biden administration of using payment systems as instruments of political coercion.
📉 In a briefing on July 9, Zakharova claimed that Biden's administration intentionally isolated countries from U.S.-based financial systems, including those that excluded Russia. She argued that this strategy backfired, leading nations to seek alternatives to the dollar.
the dollar’s weakening status is “the direct accomplishment” of Biden’s leadership
➡️ Bitcoin Developer's Arrest Over Neighbor Dispute in El Salvador
♾ Jon Atack, a long-time Bitcoin Core developer, was recently arrested in El Salvador after his neighbor accused him of insulting her during a land dispute. He faced potential imprisonment of up to eight years due to a peculiar aspect of Salvadoran law, the "Special Comprehensive Law for a Life Free of Violence for Women" (Ley Especial Integral para una Vida Libre de Violencia para las Mujeres) or LEIV, which was enacted in 2011 to protect women against femicide and domestic violence.
“This was about land,” Atack explained in a series of posts on X. “The neighbors have been in a bitter fight with the seller of my land and another lawsuit is beginning,”
“I proposed we inform the judge of the mistake, liberate the land, and that I not be drawn into the legal conflict between them and the seller. That it would be dumb to litigate for this,”
“She then called the police to say that I had insulted her, calling her stupid.”
📈 Record Highs in Stock Markets Amid Bitcoin Stagnation
📊 Stock markets reached unprecedented levels on Friday, with the S&P 500 and Nasdaq closing at all-time highs. Despite this surge, Bitcoin's price remained relatively stable. Bitcoin treasury companies like Strategy and Metaplanet have been aggressively purchasing Bitcoin, yet its value has seen little movement.
⚡️ Over the weekend, U.S. President Donald Trump achieved some victories. He halted all trade talks with Canada until Prime Minister Mark Carney retracted the controversial digital services tax on American tech companies. This tax was set to be implemented on Monday but has now been officially withdrawn. Trade negotiations between the U.S. and Canada are expected to resume soon.
ONE GREAT BIG BEAUTIFUL BILL, is moving along nicely,” Trump wrote on Truth Social. “MAKE AMERICA GREAT AGAIN!
Futures open interest fell 2.17% to $71.92 billion, suggesting less leveraged speculation.Читать полностью…
🛡 Rethinking Passwords: A Call for a Privacy-First Approach
🔒 The recent data breach exposing 16 billion login credentials has ignited a debate about the future of passwords. While security experts recommend immediate password changes, some argue that this reactive approach does not provide real protection against future breaches. Instead, they advocate for a shift away from centralized databases towards a privacy-first mindset that utilizes decentralization.
🗣 Shahaf Bar-Geffen, CEO of COTI, emphasizes that the traditional trust-based model is inadequate for the online world. He states,
The traditional, trust-based world is not suited to the online world, and yet it’s still the dominant mode of operation.
The problem is companies are still using these instead of decentralized alternatives because they are cheap and convenient.
passkeys are typically synced in our cloud accounts that ultimately rely on passwords.
we could even see the internet rendered unusable without a new model for privacy.Читать полностью…
💰 U.S. Authorities Target $225M in Cryptocurrency Linked to Investment Scams
🚨 U.S. authorities have filed a civil forfeiture complaint against over $225.3 million in cryptocurrency allegedly tied to investment scams. The complaint was submitted to federal court on June 18, 2025, by the U.S. Attorney’s Office for the District of Columbia. It claims that the cryptocurrency is linked to the theft and laundering of funds from victims of cryptocurrency confidence scams.
🔍 Investigators from the U.S. Secret Service and FBI utilized blockchain analysis to trace the funds, uncovering a complex laundering network that conducted hundreds of thousands of transactions across various cryptocurrency addresses to obscure the origin and ownership of the fraud proceeds. The investigation confirmed dozens of U.S. victims and identified over 400 suspected victims globally, all of whom suffered significant losses after being misled into believing they were making legitimate investments.
💬 U.S. Attorney Jeanine Ferris Pirro emphasized the goal of the action was to
rip
marks the largest cryptocurrency seizure in U.S. Secret Service history
🌐 Shopify Integrates USDC Stablecoin for Global Payments
🚀 Shopify has announced the integration of the USDC stablecoin into its Shopify Payments system, in collaboration with Coinbase and Stripe. This early access feature enables merchants worldwide to accept USDC payments via the Base blockchain network. Customers can use USDC-supported wallets during checkout, including guest checkout and Shop Pay, without needing any new integrations or gateways.
💱 Merchants on Shopify will automatically receive settlements in their local currency, eliminating foreign transaction or exchange fees. They also have the option to receive USDC directly into their crypto wallets, thanks to Stripe's involvement. USDC, issued by Circle and pegged 1:1 to the U.S. dollar, aims to provide stability compared to more volatile cryptocurrencies like bitcoin (BTC). Transactions are processed through the Base network, an Ethereum layer two (L2) developed by Coinbase.
🛠 To facilitate this integration, Shopify and Coinbase created a new smart contract and open-source payment protocol tailored for commerce needs such as tax calculation, delayed capture, and refunds. During checkout, consumers can select the USDC payment option, connect their compatible crypto wallet via a secure pop-up window, and confirm the transaction.
💰 In the U.S., Shopify plans to offer a 1% cash back on USDC payments later this year at no cost to merchants. This feature is currently available to early access merchants and will be rolled out to all Shopify Payments users globally by late 2025. The companies assure that no additional setup is required for eligible merchants.
💰 Metaplanet Inc. Aims for 1% of Bitcoin Supply with $5.4 Billion Equity Raise
📈 Metaplanet Inc., a Tokyo-listed investment firm, has announced a bold plan to raise $5.4 billion through the issuance of 555 million shares. This capital will be used to significantly increase its bitcoin holdings to 210,000 BTC by 2027, which represents approximately 1% of the total bitcoin supply. This new target marks a substantial increase from its previous goal of 21,000 BTC by 2026.
Thrilled to announce Asia’s largest-ever equity raise to buy bitcoin — again! This time: $5.4 billion to accelerate our bitcoin strategy. Our new target: 210,000 BTC by 2027
🌐 The Shift from DeFi to On-Chain AI: Insights from Ram Kumar
🔄 Ram Kumar, co-founder of Openledger, observes a significant migration of blockchain developers from decentralized finance (DeFi) to artificial intelligence (AI) projects. He attributes this shift to the appeal of new technical challenges, sustainable business models, and AI's cultural relevance. Kumar advises aspiring developers to view AI as a research project aimed at addressing open challenges.
📉 While DeFi remains a cornerstone of Web3, it has encountered obstacles on its path to widespread adoption. Kumar notes that “DeFi has plateaued in terms of continued breakthroughs with additional technical and regulatory challenges,” contrasting this with the growing opportunities in AI. He emphasizes that “AI-centric topics like verifiable inference, data-royalty flows, and gas-aware model execution provide a new interesting challenge for developers.”
🔍 Looking ahead, Kumar believes the convergence of AI and Web3 is fundamentally reshaping the landscape. He explains that “AI today is turning Web3 from a capital coordination layer into a knowledge coordination layer,” suggesting a profound shift in the function and value proposition of decentralized networks.
⚠️ Despite the excitement surrounding AI and Web3, their integration remains largely theoretical, with mainstream applications lagging behind. Kumar identifies key obstacles to adoption, including the high cost of running large models on-chain and the lack of quality data on public blockchains. He points out that “the current user experience is perceived as cumbersome,” but expresses optimism that solutions like rollups and zero-knowledge coprocessors will soon reduce costs and complexity.
🟢 As concerns grow about the potential dangers of unregulated AI, many countries are implementing laws to address issues like deepfakes and algorithmic bias. Kumar views regulation as a reactive force that often follows technology but can have unintended consequences. He cites the European Union’s AI Act as an example of well-intentioned regulation that “may price startups out before they ever reach product market fit.”
💡 When asked about his approach to regulation, Kumar advocates for a function-first taxonomy that distinguishes between different types of tokens and allows for a safe harbor period for new networks. He argues for lighter regulations to encourage open-source AI models that promote transparency and address stakeholder concerns without compromising consumer protection.
🔍 3 Reasons BTC Price Is Not Rallying to $120,000 or Higher 🚀
👉 Read more
➡️ R3 and Solana Foundation Join Forces to Bridge Blockchain Networks
🌐 R3 has announced a strategic partnership with the Solana Foundation to integrate public and private blockchain networks, enhancing institutional access to digital capital markets. This collaboration will utilize R3’s enterprise-grade private blockchain technology alongside Solana’s high-performance public mainnet. The goal is to connect regulated financial institutions with tokenized real-world assets (RWAs).
📈 The initiative is poised to boost institutional adoption of public blockchain networks amid growing regulatory clarity and demand for digital assets. R3’s appointment of Lily Liu, President of the Solana Foundation, to its Board of Directors highlights this strategic shift. This positions R3 as a frontrunner in merging traditional finance (TradFi) with decentralized finance (DeFi).
🔒 The collaboration seeks to streamline the management of RWAs on public blockchains while ensuring compliance and security. This marks a significant advancement towards the future of regulated digital finance.
🛡 Genesis Takes Legal Action Against DCG and Barry Silbert Amid Bankruptcy Claims
⚖️ Genesis Global, a crypto lending platform, has initiated legal proceedings against its parent company, Digital Currency Group (DCG), and its CEO Barry Silbert. The company accuses them of orchestrating a series of insider transactions that led to its bankruptcy. In a complaint filed in the Delaware Court of Chancery, Genesis alleges that Silbert and his associates "recklessly operated, exploited, and then bankrupted" the firm through self-dealing and misleading financial disclosures.
💰 Genesis is seeking to recover at least $2.2 billion in Bitcoin, Ethereum, and other crypto assets through this lawsuit. The aim is to redistribute the recovered funds to creditors who are still awaiting payment. Additionally, a second lawsuit has been filed in the U.S. Bankruptcy Court for the Southern District of New York, focusing on over $1 billion in allegedly fraudulent fiat and crypto transfers. These include eight transfers totaling approximately $450 million to DCG and more than $297 million in crypto assets sent to DCG International.
📉 Genesis claims that these transfers occurred while it was facing severe liquidity stress due to the 2022 collapse of Terra-Luna and the broader market downturn. However, court filings reveal that Genesis was already insolvent by the end of 2021, burdened by $14 billion in outstanding loans. The New York complaint states,
Genesis faced extraordinary systemic risk and had virtually no internal controls to mitigate that risk.
➡️ Animoca Brands Eyes NYSE Listing Amid Favorable Crypto Regulations
🚀 Animoca Brands, a prominent player in blockchain gaming and crypto investments, is set to announce its plans for a listing on the New York Stock Exchange soon. Executive Chairman Yat Siu indicated that this move is influenced by U.S. President Donald Trump’s supportive regulatory approach towards digital assets.
📉 Since taking office, Trump has actively reversed Biden-era policies that critics argue stifled innovation in the crypto sector. The U.S. Securities and Exchange Commission (SEC) has halted lawsuits against digital asset companies, creating a more favorable environment for firms like Animoca. Siu described this period as a
unique moment
If the U.S. didn’t do what they did with the regulators [under Biden], we probably would have competitors in the U.S.
It’s a unique moment in time. I feel like it would be one heck of a wasted opportunity if we didn’t at least try.
We think we’re the biggest non-financial services crypto firm.
🚀 Crypto Expands to Washington, D.C. for Regulatory Engagement
🟢 Crypto has announced its plans to open a regional office in Washington, D.C., marking a strategic move to enhance its engagement with U.S. policymakers. Located near the White House, this office will focus on public and government affairs related to the company's operations in the U.S.
🗣 Matt David, President of North America at Crypto, highlighted the importance of the "maturing regulatory environment" in this decision, stating that the U.S. is a "central" market for the firm's growth. Initially, existing staff will occupy the new office, with plans to fill additional roles soon.
📈 This move comes amidst recent regulatory changes under U.S. President Donald Trump, including the introduction of a Strategic Bitcoin Reserve (SBR) to enhance federal cryptocurrency holdings. The administration has positioned these actions as efforts to promote innovation while maintaining market stability.
🌍 Crypto's expansion follows its establishment of a North American headquarters in Tyler, Texas, reflecting the industry's broader efforts to adapt to evolving policy frameworks. The D.C. office aims to facilitate collaboration with federal stakeholders, especially as lawmakers consider crypto-specific legislation.
🟢 As regulatory clarity improves, Crypto joins a growing number of firms prioritizing direct dialogue with the government to navigate the next phase of the sector. However, the company did not provide a specific timeline for the opening of its new office.
💰 April 2025: Crypto Industry Faces Significant Losses Due to Phishing Attacks
📉 On April 30, 2025, Certik reported that the crypto industry suffered losses of approximately $364 million due to exploits, hacks, and scams. After accounting for $18.2 million returned, the net loss stood at $345.8 million. Phishing attacks were the primary culprit, accounting for $337 million of the total losses, highlighting the ongoing threat of social engineering in Web3 ecosystems.
🔄 Despite these challenges, there were some positive developments. Whitehat exploiters successfully returned funds to several platforms, including Kiloex, Loopscale, and zkSync. Notably, Loopscale recovered $5.8 million. However, the overall picture remains concerning, with losses in April representing a sharp increase from March's $28.8 million. Certik's findings underscore the urgent need for enhanced security measures to protect digital assets against increasingly sophisticated phishing schemes.