ReportWire

Tag: Cryptocurrency

  • $120 Million Crypto Hack Blamed on Office Space-Style Exploit

    Earlier this week, a critical vulnerability in the decentralized finance (DeFi) protocol Balancer was exploited, with crypto losses estimated to be worth $120 million or more. While it was initially unclear how the exploit worked, a preliminary report from the team behind Balancer has indicated it mostly came down to how the protocol dealt with rounding crypto token balances.

    This exploit of Balancer shocked many in the DeFi ecosystem, as this is a project that has undergone many security audits from respected firms, and the particular version of the protocol that was exploited had existed in the wild since 2021.

    In an interview with CNBC’s Squawk Box on Wednesday morning, former Director of the Cybersecurity and Infrastructure Security Agency Chris Krebs compared the Balancer exploit to the scheme from Office Space, where the idea was to skim fractions of a penny off the top of many individual transactions. Krebbs also pointed to the possible use of artificial intelligence in crafting the exploit code as another interesting aspect of the situation.

    Without getting too deep into the technical weeds, here’s basically what happened with the exploit, according to Balancer’s own analysis.

    At the heart of this mess was a rounding error in Balancer’s code related to how it handles trades, specifically batched swaps where multiple trades between different crypto assets can be bundled into a single transaction. This is intended to help users save on gas, which is effectively the crypto-denominated cost of interacting with a blockchain-based smart contract platform like Balancer.

    During a particular version of this type of swap, known as EXACT_OUT, Balancer’s code has to scale numbers up or down to make calculations precise (think of it like converting pennies to dollars). But the system sometimes rounded down in a way that created tiny imbalances.

    Over repeated trades, hackers could exploit these tiny gaps to mess with the pool’s balances, hence Krebs’s comparison to the plan in Office Space. There was some additional manipulation on top of that, but this rounding error was the key flaw that opened up the opportunity for the hacker.

    While the Balancer exploit sent shockwaves throughout the DeFi ecosystem, some blockchains were able to limit the reward for the hacker by simply freezing assets, which is obviously at odds with the “code is law” philosophy that was originally at the heart of crypto platforms focused on more expressive smart contracts, such as Ethereum.

    Some DeFi proponents were worried a hack of a widely trusted protocol like Balancer would weaken the level of trust in the DeFi sector more generally; however, it’s clear that much of this activity is still somewhat centrally controlled and able to operate in ways similar to traditional fintech platforms.

    According to Unchained, the Polygon and Sonic blockchains effectively froze or “censored” some of the Balancer hacker’s assets following the exploit to prevent the funds from moving anywhere else in the future. Berachain went as far as to deploy an emergency hard fork that will allow those affected by the hack to reclaim their funds.

    This is reminiscent of actions taken by Ethereum developers following the infamous hack of The DAO nearly ten years ago in the early days of the crypto network. And it’s clear that crypto is still struggling with the tradeoffs between giving everyone full control over their own digital money and subsequently having no one to turn to when something goes wrong.

    Some have noted that it makes sense to implement these sorts of training wheels-esque protections on less developed crypto networks, but others see this as yet another example of how much of the supposed decentralization in the space is more theater than technical reality, as was also exposed during the recent Amazon Web Services downtime.

    Kyle Torpey

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  • Crypto.com, Robinhood Launching Entertainment Event Contracts

    Posted on: November 4, 2025, 06:52h. 

    Last updated on: November 4, 2025, 06:52h.

    • Brokerage firms make announcements within a day of each other
    • Crypto. Com is partnering with Hollywood.com
    • Robinhood continues expansion of prediction markets menu

    Crypto.com and Robinhood Markets (NASDAQ: HOOD) are betting entertainment and pop culture event contracts will be gain traction with prediction markets traders.

    Robinhood
    A sample Robinhood image on a mobile phone. The company and rival Crypto.com are pushing further into entertainment event contracts. (Image: Bloomberg)

    On Monday, Crypto.com, which is an established player in the event contracts space, announced a partnership with Hollywood.com through which that entertainment site will offer Crypto.com event contracts on actors, awards, movies, television shows, and more.

    With the launch of this new offering from Hollywood.com, entertainment fans can express and trade their opinions on entertainment event contracts across Hollywood movies, Broadway shows, television programs, musical artists, major award shows, and more,” according to a statement issued by the cryptocurrency trading platform. “Prices update in real-time, allowing users to react instantly and express their opinions on what is going to happen next alongside their favorite entertainment developments.”

    The news arrived about a week after Crypto.com reached a similar accord with Trump Media and Technology Group (NASDAQ: DJT), making that company’s Truth Social the first social media platform to directly integrate yes/no derivatives.

    Robinhood Going Big on Entertainment Event Contracts

    Fans of award shows could also become fans of Robinhood because like Crypto.com, that trading house is rolling out a slew of entertainment-linked event contracts, including six apiece on the Grammys and the Oscars.

    Robinhood is also introducing approximately two dozen yes/no contracts on the Golden Globe Awards. There’s more. The trading platform, which offers event contracts through partnerships with Kalshi and ForecastEx, is also offering music-linked event contracts and derivatives tied to people, including Time’s person of the year and the winner of the Miss Universe pageant.

    There are some company-specific contracts, too, including one tied to the contentious debate on Elon Musk’s Tesla (NASDAQ: TSLA) compensation package and another on the possibility of OpenAI potentially raising the cost of ChatGPT this year. Other new contracts on the platform are linked directly to AI events, science and health, and space.

    Last month, the financial services firm said it planned to add over 100 new event contracts in the coming weeks, some of which will pertain to sports.

    Speaking of Sports…

    Neither the Crypto.com nor the Robinhood announcements contain any talk of sports event contracts and that may be design. Prediction markets operated largely unfettered prior to offering sports derivatives — a move that has since invited a spate of state-level legal challenges.

    Crypto.com and Robinhood haven’t spared on that front. The former recently agreed to halt its sports menu in Nevada while the latter is tussling with several states regarding sports derivatives. States argue the contracts are too close to sports wagering, meaning prediction market operators should gaming licenses in those jurisdictions, which they don’t.

    Add it all up and it could be shrewd of Crypto.com and Robinhood to expand their yes/no offerings outside of sports, particularly in the entertainment/pop culture arena because that could generate more trading without inviting regulatory challenges. Maybe.

    Todd Shriber

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  • US sanctions North Korean bankers accused of laundering stolen cryptocurrency

    WASHINGTON — The United States on Tuesday imposed sanctions on a group of bankers, financial institutions and others accused of laundering money from cyber crime schemes — money the Treasury Department says helps pay for North Korea’s nuclear weapons program.

    Over the past three years, North Korean malware and social engineering schemes have diverted more than $3 billion, mostly in digital assets, Treasury’s Office of Foreign Assets Control said, noting the sum is unmatched by any other foreign actor. An international report documented the scope of the problem in a 138-page report published last month.

    “North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” said Treasury Under Secretary for Terrorism and Financial Intelligence John K. Hurley in a statement.

    The department said North Korea relies on a network of banking representatives, financial institutions, and shell companies in North Korea, China, Russia, and elsewhere to launder funds gained through IT worker fraud, heists of cryptocurrency, and sanctions evasion.

    The department in 2022 warned U.S. firms against hiring highly skilled North Koreans who obfuscate their identities to gain access to financial networks, often by posing as remote IT workers.

    Tuesday’s new measures were directed at eight people and two firms, including North Korean bankers, Jang Kuk Chol and Ho Jong Son. They are accused of helping to manage funds, including $5.3 million in cryptocurrency, on behalf of sanctioned First Credit Bank.

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  • Trump on Binance cryptocurrency tycoon he pardoned: “I don’t know who he is”

    President Trump told 60 Minutes in a wide-ranging interview that he doesn’t know the billionaire cryptocurrency exchange founder who he recently pardoned.

    Mr. Trump pardoned Changpeng Zhao, a Chinese-born Canadian founder of the cryptocurrency exchange Binance, last month, suggesting he was a victim of political prosecution by the Biden administration.

    “I don’t know who he is,” the president told correspondent Norah O’Donnell in the interview. “I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.”

    O’Donnell pointed out that Binance helped facilitate a $2 billion purchase of World Liberty Financial’s stablecoin earlier this year. The deal helped boost the profile and value of World Liberty Financial, which was founded last year by Mr. Trump’s sons, Eric and Donald Jr., and others. 

    O’Donnell asked the president how he addressed “the appearance of pay for play.”

    “Well, here’s the thing, I know nothing about it because I’m too busy doing the other—” he said.

    “But he got a pardon,” O’Donnell said.

    “I can only tell you that—” the president said.

    “He got a pardon,” O’Donnell pressed. 

    “No, I can only tell you this. My sons are into it. I’m glad they are, because it’s probably a great industry, crypto. I think it’s good. You know, they’re running a business, they’re not in government,” Mr. Trump said.

    Mr. Trump’s sons and World Liberty Financial have denied any involvement in the pardon.

    Zhao, who is known as C.Z., pleaded guilty two years ago to a money laundering-related charge. He served four months in prison, and Binance was banned from operating in the United States.

    The government at the time alleged that Zhao caused “significant harm to U.S. national security,” essentially by allowing terrorist groups like Hamas to move around millions of dollars.

    After the pardon was announced last month, Mr. Trump was asked why he pardoned Zhao and whether the decision had anything to do with his family’s crypto business. 

    “A lot of people said that he wasn’t guilty of anything,” Mr. Trump said at the time.

    “I don’t know him. I don’t believe I’ve ever met him,” Mr. Trump had said, adding, “He had a lot of support, and what they said that he did is not even a crime. It wasn’t a crime. That he was persecuted by the Biden administration. And so I gave him a pardon at the request of a lot of very good people.”

    Robert Legare,

    Kathryn Watson and

    Aaron Navarro

    contributed to this report.

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  • Trump’s CZ Pardon Has the Crypto World Bracing for Impact

    Changpeng Zhao, the multibillionaire founder of crypto exchange Binance, spent four months last year locked in a federal prison. After US president Donald Trump pardoned Zhao in October, the government has recast him as a martyr.

    Zhao, who goes by CZ, pled guilty in November 2023 to failing to maintain an effective anti-money laundering program at Binance. In parallel, Binance admitted to violating US sanctions and settled with financial regulators, which accused the company of failing to report suspicious transactions involving terror groups, child exploitation networks, and cybercriminals, among other violations. In a particularly incriminating exchange detailed in court documents, one Binance employee said to a colleague, “we see the bad, but we close 2 eyes.”

    As part of their respective settlement deals, Zhao agreed to forfeit his role as Binance CEO, and Binance agreed to leave the US, accept supervision by a US-appointed compliance monitor, and pay a record $4.3 billion penalty.

    Less than two years later, the narrative has flipped. On October 23, Trump struck the charges from Zhao’s criminal record. The Binance founder was a victim of the “Biden administration’s war on crypto,” a White House spokesperson declared.

    The decision to pardon Zhao will reverberate throughout the US crypto exchange market, which Binance could seek to reenter, legal experts claim. It may also come with long-term political consequences for the crypto industry after Trump’s presidency ends.

    Whether Zhao’s pardon was justified has been hotly disputed, particularly in light of connections between Binance and World Liberty Financial, a crypto business founded by Trump and his sons. (Through a corporate entity, the Trump family owns a 38 percent stake in World Liberty Financial’s parent company.) In May, Binance agreed to receive a $2 billion investment denominated in USD1, a coin issued by World Liberty Financial, which could earn tens of millions of dollars from the arrangement. In July, Bloomberg reported that Binance had developed the codebase for USD1.

    Remarkably, Trump claims to know very little about Zhao. “Okay, are you ready? I don’t know who he is,” Trump told 60 Minutes in an interview that aired on November 2. “I can only tell you this. My sons are into [crypto],” he said later in the interview.

    Zhao’s legal representatives and industry allies have defended the pardon as a rightful corrective. “CZ is the first and only known first-time offender in US history to receive a prison sentence for this single, non-fraud-related charge,” wrote Teresa Goody Guillén, partner at law firm Baker & Hostetler, which represents Zhao, in an X post.

    Joel Khalili

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  • Canadian stablecoins push ahead amid growing regulatory calls – MoneySense

    There have been increasing calls to simplify the rules to make it easier to launch Canadian-dollar linked stablecoins, and stem the potential outflow of capital from the country. “At a minimum, from a sovereignty perspective, Canadians should want a Canadian stablecoin,” said Didier Lavallée, chief executive of digital assets company Tetra Digital Group.

    U.S. stablecoin dominance puts pressure on Canada

    Concerns have risen since the United States passed legislation this past summer that establishes clear rules around the sector, and further entrenched U.S.-dollar dominance in the space that touts faster and cheaper money transfers.

    Because stablecoins are meant to reflect the value of conventional currencies, issuers need to buy hard assets like dollars to back them up. No Canadian-dollar pegged stablecoins means more money flowing out of Canada, and into U.S. dollars and U.S. government bonds. 

    “Canada should also weigh the merits of federal stablecoin regulation,” said Ron Morrow, executive director of payments at the Bank of Canada, in a September speech.

    His former colleague Timothy Lane, who stepped down as deputy governor in 2022, was a little more blunt in an October report for the Global Risk Institute. “Stablecoins are becoming too important to be ignored,” said Lane. “There is now an increasing sense of urgency about establishing a coherent framework for regulating stablecoins in Canada.”

    Peter Routledge, head of Canada’s banking regulator, has also said he’s worried about the fast moving space and will be watching the budget closely on Nov. 4, while John Ruffolo, managing partner at Maverix Private Equity, has been one of the most outspoken in the need to respond.

    One of Ruffolo’s biggest worries is that some people and businesses could start to leave money in the stablecoin sphere, rather than in bank deposits. That’s already how stablecoins first gained traction: as a stable place for crypto-traders to park money between bets, without having to exchange it back into conventional currencies.

    Given banks use deposits as an anchor for lending, he’s warned that even if 5% of Canadian bank deposits, or some $135 billion, went into U.S. stablecoins, it would have a knock-on effect of erasing as much as $675 billion in domestic lending capacity.

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    Private sector leads Canada’s stablecoin push

    The rising calls have increased expectations of some movement from the federal government, but given how slowly past promises like open banking have actually rolled out, some companies like Tetra aren’t waiting around for change before pushing ahead with their own stablecoins. “Financial innovation in this country takes quite a long time,” said Lavallée.

    Because Tetra is already registered as a Canadian trust company, Lavallée sees an easier road than others to getting regulatory approval through the current system. Tetra’s efforts have also had a boost from major backers like Wealthsimple, National Bank, ATB Financial, and Shopify, which chipped in on a $10 million financing to help ready a stablecoin for release aimed at early next year. 

    The best crypto platforms and apps

    We’ve ranked the best crypto exchanges in Canada.

    Elsewhere, Transactix Financial Inc. announced plans in May to move forward on its own token, and just last week Loon Technology Inc. announced it had raised $3 million to get its own Canadian-dollar stablecoin going.

    The companies are all working to navigate an existing system that some, at least, aren’t so concerned about. “I think it’s working well,” said Grant Vingoe, head of the Ontario Securities Commission that’s taken a lead role in stablecoin oversight.

    Uptake and impact of stablecoins still unclear

    While the U.S. has used legislation, Canada’s approach to working with each issuer is more adaptable in the fast-moving crypto space, he said. “There’s a lot to be said for a more tailored, direct engagement approach, where you express your concerns and requirements … rather than try and codify it once and for all.”

    So far that approach has yielded a single issuer, Circle, getting the blessing of regulators for its U.S. dollar-pegged stablecoin. 

    But Vingoe is also still skeptical about how much uptake there will actually be for stablecoins. “I think it’s still an open question whether stablecoins will be used extensively as a payment mechanism.” Improvements to the existing payment system could end up being better or more efficient, he said.

    Some have pointed to central banks possibly issuing their own digital currencies, though the Bank of Canada has shelved work on such efforts.

    The Canadian Press

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  • President Trump on nuclear testing, the government shutdown, immigration, tariffs and U.S.-China relations

    It’s been five years since President Trump appeared for an interview on 60 Minutes. A lot has happened since then, not least of which was his political comeback and triumphant return to the White House. 

    On Friday, hours after he touched down from his whirlwind trip to Asia, Mr. Trump agreed to sit down with us for a wide-ranging conversation. It was exactly one year to the day since he sued Paramount, the parent company of CBS, alleging that 60 Minutes had deceptively edited an interview with his opponent, Kamala Harris. 

    Paramount settled that lawsuit. The settlement did not include an apology or admission of wrongdoing. 

    In our nearly 90 minute conversation this past week, we spoke with Mr. Trump about the country and the world. We met with the president at Mar-a-Lago, his private club in Florida, on the 31st day of the government shutdown.

    Norah O’Donnell: We are now approaching the longest shutdown in American history.

    President Donald Trump: Democrats’ fault.

    Norah O’Donnell: Under your presidency, we’re talking about more than a million federal workers who are not getting a paycheck, including our air traffic controllers. You see there’s traffic snarls out at the airports now. This weekend food aid for more than 42 million Americans is set to expire. What are you doing as president to end the shutdown?

    President Trump: Well, what we’re doing is we keep voting. I mean, the Republicans are voting almost unanimously to end it, and the Democrats keep voting against ending it. You know, they’ve never had this. This has happened like 18 times before. The Democrats always voted for an extension, always saying, “Give us an extension, we’ll work it out.” They’ve lost their way. They’ve become crazed lunatics. And all they have to do, Norah, is say, “Let’s vote.”

    Senate Democrats say they will vote to reopen the government if Republicans agree to extend subsidies for over 20 million Americans who use Obamacare for their health insurance.

    President Trump: Obamacare is terrible. It’s bad health care at far too high a price. We should fix that. We should fix it. And we can fix it with the Democrats. All they have to do is let the country open and we’ll fix it. 

    Norah O’Donnell: But if ending the government shutdown—

    President Trump: —they have to let the country open, and I’ll sit down with the Democrats, and we’ll fix it. But they have to let the country— and you know what they have to do—

    Norah O’Donnell: So your plan—

    President Trump: All they have to do is raise five hands. We don’t need all of  ’em.

    Norah O’Donnell: But so you’re saying your plan is to tell the Democrats to vote to end the shutdown.

    President Trump: Correct, very simple. 

    Norah O’Donnell: And that you will put forward a health care plan? 

    President Trump: No. We will work on fixing the bad health care that we have. Right now, we have terrible health care and too expensive for the people, not for the government, for the people.

    Norah O’Donnell: But Mr. President, with all due respect—

    President Trump: The people are paying—

    Norah O’Donnell: —you’ve been talking about fixing the health care since 2015—

    President Trump: Sure. And you can’t do it because of the Democrats. That’s right.

    Norah O’Donnell: Since 2015, you said you’d fix it.

    President Trump: I’ve been talking about it for a long time. We almost did it. We were one vote short. We woulda had great health care. 

    That was in 2017, when Senate Republicans failed by one vote to partially repeal Obamacare.

    President Trump: We can make it much less expensive for people and give them much better health care. And I’d be—

    Norah O’Donnell: But where is that plan?

    President Trump: —willing to work with the Democrats—

    Norah O’Donnell: But where is that plan?

    President Trump: —on it. The problem is, they want to give money to prisoners, to drug dealers, to all these millions of people that were allowed to come in with an open border from Biden. And nobody can do that. Not-

    Norah O’Donnell: Can I just—

    President Trump: —one Republican would ever do that.

    Norah O’Donnell: My understanding is, if those health care subsidies are not extended, premiums will double for many of the people that are on it. And I was looking into it. Three quarters of these people will see their health care premiums double live in states where you won in the last election. I mean, even here in Florida has the highest number of residents on Obamacare in the country. If those—

    President Trump: And I’m saying we can fix it, Norah.   

    Norah O’Donnell: You have helped end these government shutdowns in the past when it came about—

    President Trump: I did.

    Norah O’Donnell: And you did it by bringing back—

    President Trump: I’m very good at it, but I’m not going to do it by—

    Norah O’Donnell: You brought members of Congress to— 

    President Trump: —I’m not going to do it by extortion—

    Norah O’Donnell: —to the White House.

    President Trump: I’m not going to do it by being extorted by the Democrats who have lost their way. The – there’s something wrong with these people

    Norah O’Donnell: So then what happens on November 15th—

    President Trump: Schumer— Schumer is a basket case.

    Norah O’Donnell: —when the troops don’t get a paycheck?

    President Trump: Schumer is a basket case. And he has nothing to lose. He’s become— I just left Japan. He’s become a kaz— kamikaze pilot.

    Norah O’Donnell: Sounds like it’s not going to get solved, the shutdown.

    President Trump: It’s going to get solved, yeah. Oh, it’s going to get solved.

    Norah O’Donnell: How?

    President Trump: We’ll get it solved. Eventually, they’re going to have to vote.

    Norah O’Donnell: You’re saying the Democrats will capitulate? 

    President Trump: I think they have to. And if they don’t vote, that’s their problem. Now, I happen to agree to something else. I think we should do the nuclear option. This is a totally different nuclear, by the way. It’s called ending the filibuster.

    But to do that, he’d need Senate Majority Leader John Thune to change Senate rules.

    Norah O’Donnell: Did you see John Thune said today they’re not going to do that—

    President Trump: I know John doesn’t— well, John and a few others. But, you know what? The Republicans have to get tougher. If we end the filibuster, we can do exactly what we want. We’re not going to lose power. The theory is, oh, then we’ll do it, but then when they get into power someday they’ll do it. That’s true. But you know what?

    Norah O’Donnell: So you think John—

    President Trump: We’re here right now. No, I like John Thune. I think he’s terrific, but I disagree with him on this point.

    Norah O’Donnell: He j— he said today he wasn’t going to do it.

    President Trump: Well, that’s too bad.

    So far, the shutdown hasn’t spooked the stock market, which hit record highs this past week.  

    President Trump: Perfect timing for your show, just hit an all-time high. We’re doing really well

    Norah O’Donnell: Uh-huh. Can I ask you, Mr. President—

    President Trump: The smart people definitely—

    Norah O’Donnell: —on that point, though?

    President Trump: Yeah.

    Norah O’Donnell: When the stock market is doing well, that doesn’t affect everybody. Not everybody’s invested in the stock market—

    President Trump: It does. Oh, it does, it does.

    Norah O’Donnell: But there have been— grocery prices are up—

    President Trump: Look, 401(k)s. People have 401(k)s. Their 401(k)s are double what they were a year ago.

    Norah O’Donnell: But for people that don’t have 401(k)s, who are not invested in the stock market—

    President Trump: Sure. But— but—

    Norah O’Donnell:  —they’ve seen their grocery prices go up, inflation—

    President Trump: No, you’re wrong. They went up under Biden. Right now they’re going down. Other than beef, which we’re working on, which we can solve very quickly.

    Norah O’Donnell: On the economy, the signature part of your economic plan is tariffs. The Supreme Court is going to hear arguments this week on whether you have the authority to impose these sweeping tariffs without Congressional approval. The lower courts have ruled against you. That’s why it’s at—

    President Trump: Well, no.

    Norah O’Donnell: —the Supreme Court right now.

    President Trump: Very close rulings, yeah.

    Norah O’Donnell: What happens to your economic plan if the Supreme Court invalidates your tariffs?

    President Trump: I think our country will be immeasurably hurt. I think our economy will go to hell. Look, because of tariffs, we have the highest stock market we’ve ever had. Because of tariffs, 401(k)s at the highest level that — and this is millions and millions of people — that we’ve ever had 401(k)s. I think it’s the most important subject discussed by the Supreme Court in 100 years. 

    Norah O’Donnell: I know your time is limited, so I do want to make sure I get through more of these topics.

    President Trump: Sure.

    Norah O’Donnell: Immigration. You campaigned on immigration. You largely won the election on a promise to close the border—

    President Trump: Did a great job, don’t you think?

    Norah O’Donnell: —and you succeeded on that. Illegal crossings at the Southern border are at a 55-year low. More recently, Americans have been watching videos of ICE tackling a young mother, tear gas being used in a Chicago residential neighborhood, and the smashing of car windows. Have some of these raids gone too far?

    President Trump: No. I think they haven’t gone far enough because we’ve been held back by the— by the judges, by the liberal judges that were put in by Biden and by Obama. 

    Norah O’Donnell: You’re OK with those tactics?

    President Trump: Yeah, because you have to get the people out. You know, you have to look at the people. Many of them are murderers. Many of them are people that were thrown outta their countries because they were, you know, criminals. 

    Norah O’Donnell: Well, you promised in your campaign that you were going to deport the worst of the worst, violent criminals—

    President Trump: And I know we’re doin’ that—

    Norah O’Donnell: —rapists.

    President Trump: Well, that’s what we’re doing—

    Norah O’Donnell: But a lot of the people that your administration has arrested and deported aren’t violent criminals. Landscapers, nannies, construction workers—

    President Trump: Oh, no, no, landscapers who are  criminals—

    Norah O’Donnell: —farmworkers.

    President Trump: Now, look, look.

    Norah O’Donnell: The family of U.S. service members—

    President Trump: I need landscapers and I need farmers more than anybody, OK.

    Norah O’Donnell: Is it your intent to deport people who do not have a criminal record?

    President Trump: We have to start off with a policy, and the policy has to be you came into the country illegally, you’re going to go out. However, you’ve also seen, you’re going to go out. We’re going to work with you, and you’re going to come back into our country legally. 

    Norah O’Donnell: When will you declare mission accomplished on immigration?

    President Trump: Well, it takes a long time, because, you know, probably I say 25 million people were let into our country. A lotta people say it was 10 million people. But whether it was 10 or— I believe I’m much closer to the right number. Of the 25, many of them should not be here. But we’re— we’re cleaning up our cities. You know, I campaigned on crime, but I’ve done a much better job on crime than I thought. You know, the crime numbers are way down, even though we have a lot more people in our country that really shouldn’t be here. And many of them are stone-cold hard criminals.

    The president has ordered the National Guard to five cities: Los Angeles, Washington, D.C., Portland, Chicago and Memphis. 

    Norah O’Donnell: This past Tuesday, while speaking to American troops in Japan, you talked about U.S. cities that are having trouble with crime. And you said, “If we need more than the National Guard, we’ll send more than the National Guard.” What does that mean, send more than the National Guard?

    President Trump: Well, if you had to send in the Army or if you had to send in the Marines, I’d do that in a heartbeat. You know, you have a thing called the Insurrection Act. You know that, right?

    Norah O’Donnell: Uh-huh

    President Trump: Do you know that I could use that immediately and no judge can even challenge you on that. But I haven’t chosen to do it because I haven’t felt we need it. 

    Norah O’Donnell: So you’re going to send the military into American cities?

    President Trump: Well, if I wanted to I could, if I want to use the Insurrection Act. The Insurrection Act has been used routinely by presidents. And if I needed it, that would mean I could bring in the Army, the Marines, I could bring in whoever I want. But I haven’t chosen to use it. I hope you give me credit for that.

    Norah O’Donnell: I want to ask you about— another matter. James Comey, John Bolton, Letitia James were all recently indicted. There is a pattern to these names. They’re all public figures who have publicly denounced you. Is it political retribution?

    President Trump: You know what? You know who got indicted, the man you’re lookin’ at. I got indicted, and I was innocent. And here I am, because I was able to beat all of the nonsense that was thrown at me. And yet, when you go after a dirty cop like Comey or a guy like Bolton, who I hear has, I don’t know anything about it, I hear he took records all over the place, who knows. Letitia James is a terrible, dishonest person, in my opinion. 

    Norah O’Donnell: Did you instruct the Department of Justice to go after them?

    President Trump: No, and not in any way, shape or form. No. You don’t have to instruct ’em because they were so dirty, they were so crooked, they were so corrupt that the honest people we have, Pam Bondi’s doing a very good job. Kash Patel’s doing a very good job. The honest people that we have go after ’em automatically

    But in a Truth Social post from September addressed to Attorney General Pam Bondi, President Trump endorsed the idea that former FBI Director James Comey and New York Attorney General Letitia James, were, quote, “guilty as hell,” and wrote, quote, ” justice must be served, now!!!.” Five days later, James Comey was indicted. He pled not guilty — and so did Letitia James and President Trump’s former national security adviser John Bolton.

    Norah O’Donnell: Is this retribution on your part?

    President Trump: No, it’s the opposite. I think I’ve been very mild-mannered. You’re looking at a man who was indicted many times, and I had to beat the rap. Otherwise I couldn’t have run for president. They tried to get me not to run for president by going after me and by indicting me. 

    So far this year, the president has pardoned or shortened the sentences of more than 1,600 people. The latest pardon was for a cryptocurrency tycoon who is known as C.Z. The company C.Z. founded, Binance, helped boost the profile of the Trump family’s crypto firm World Liberty Financial.

    Norah O’Donnell: He pled guilty in 2023 to violating anti-money-laundering laws.

    President Trump: Right.

    Norah O’Donnell: The government at the time said that C.Z. had caused “significant harm to U.S. national security”, essentially by allowing terrorist groups like Hamas to move millions of dollars around. Why did you pardon him?

    President Trump: OK, are you ready? I don’t know who he is. I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt.

    Norah O’Donnell: In 2025 his crypto exchange, Binance, helped facilitate a $2 billion purchase of World Liberty Financial’s stablecoin. And then you pardoned C.Z. How do you address the appearance of pay for play?

    President Trump: Well, here’s the thing, I know nothing about it because I’m too busy doing the other—

    Norah O’Donnell: But he got a pardon—

    President Trump: I can only tell you that—

    Norah O’Donnell: He got a pardon—

    President Trump: No, I can only tell you this. My sons are into it. I’m glad they are, because it’s probably a great industry, crypto. I think it’s good. You know, they’re running a business, they’re not in government.

    World Liberty Financial has denied any involvement in the pardon.

    With state and local elections coming up Tuesday, we asked the president about the highly anticipated mayoral race that includes former NY Gov. Andrew Cuomo and Zohran Mamdani.

    Norah O’Donnell: Zohran Mamdani, 34-year-old democratic socialist. He’s the front runner—

    President Trump: Communist, not socialist. Communist. He’s far…

    Norah O’Donnell: Some…

    President Trump: He’s far worse than a socialist.

    Norah O’Donnell: Some people have compared him to a left-wing version of you, charismatic, breaking the old rules. What do you think about that?

    President Trump: Well, I think I’m much better looking person than him, right?

    Norah O’Donnell: What if Mamdani becomes mayor?

    President Trump: It’s going to be hard for me as the president to give a lot of money to New York. Because if you have a communist running New York, all you’re doing is wasting the money you’re sending there. So I don’t know that he’s won, and I’m not a fan of Cuomo one way or another, but if it’s going to be between a bad Democrat and a communist, I’m going to pick the bad Democrat all the time, to be honest with you.

    When we sat down with President Trump on Friday at Mar-a-Lago, he had just returned from a high-stakes meeting with China’s President Xi Jinping, which culminated with a temporary truce in the trade war between the two countries. But before the meeting even began, Mr. Trump made news — as he often does — with a social media post.

    Norah O’Donnell: Less than an hour before your meeting with President Xi, you posted on social media that you instructed the, quote, “Department of War to start testing our nuclear weapons–

    President Trump: That’s right.

    Norah O’Donnell: —immediately.”

    President Trump: Yeah—

    Norah O’Donnell: What did you mean? 

    President Trump: Well, we have more nuclear weapons than any other country. And I think we should do something about denuclearization. And I did actually discuss that with both President Putin and President Xi. We have enough nuclear weapons to blow up the world 150 times. Russia has a lot of nuclear weapons, and China will have a lot. They have some. They have quite a bit, but—

    Norah O’Donnell: So why do we need to test– our nuclear weapons?

    President Trump: Well, because you have to see how they work. You know, you do have to— and the reason I’m saying— testing is because Russia announced that they were going to be doing a test. If you notice, North Korea’s testing constantly. Other countries are testing. We’re the only country that doesn’t test, and I want to be— I don’t want to be the only country that doesn’t test. 

    Norah O’Donnell: Are you saying that after more than 30 years, the United States is going to start detonating nuclear weapons for testing—

    President Trump: I’m saying that we’re going to test nuclear weapons like other countries do, yes.

    Norah O’Donnell: But the only country that’s testing nuclear weapons is North Korea. China and Russia are not—

    President Trump: Well, Russia’s— no, no. Russia’s testing nuclear weapons—

    Norah O’Donnell: So my understanding–

    President Trump: And China’s testing ’em too. You just don’t know about it.

    Norah O’Donnell: That would be certainly very newsworthy. My understanding is what Russia did recently was test essentially the— delivery systems for nuclear weapons, essentially missiles, which we can do that but w— not with nuclear warheads—

    President Trump: Russia’s testing, and China’s testing, but they don’t talk about it. You know, we’re a open  society. We’re different. We talk about it. We have to talk about it, because otherwise you people are going to report— they don’t have reporters that going to be writing about it. We do. 

    However, this week the president’s own nominee to lead STRATCOM — the admiral who would be in charge of nuclear weapons — was asked about this very issue on Capitol Hill. He said neither China nor Russia were conducting nuclear explosive tests.

    Norah O’Donnell: One potential flash point with China, probably the potential flash point with China in the coming years, is over the issue of Taiwan. The Chinese military is encroaching on Taiwan’s sea lanes, its airspace, its cyberspace. I know you have said that Xi Jinping wouldn’t dare move militarily on Taiwan while you’re in office. But what if he does? Would you order U.S. forces to defend Taiwan?

    President Trump: You’ll find out if it happens. And he understands the answer to that.

    Norah O’Donnell: Why not say it—

    President Trump: This never even came up yesterday, as a subject. He never brought it up. People were a little surprised at that. He never brought it up, because he understands it, and he understands it very well. 

    Norah O’Donnell: Do you mind if I ask, when you say, “He understands,” why not communicate that publicly to the rest of us? What does he understand that—

    President Trump: Well—

    President Trump: —I don’t want to give away— I can’t give away my secrets. I don’t want to be one of these guys that tells you exactly what’s going to happen if something happens. The other side knows, but— I’m not somebody that tells you everything because you’re askin’ me a question. But they understand what’s going to happen. And— he has openly said, and his people have openly said at meetings, “We would never do anything while President Trump is president,” because they know the consequences.

    At the top of the agenda for President Trump and President Xi was a one-year trade deal that, for now, averts the escalating tension between the two economic superpowers. 

    Mr. Trump told us that in exchange for lower tariffs, China agreed to sell the U.S. its valuable rare earth minerals – and to resume buying American agricultural products.

    Norah O’Donnell: This trade war, though, was hurting Americans. I mean, our soybean farmers. China had stopped buying the soybeans.

    President Trump: Yeah.

    Norah O’Donnell: China was withholding these rare earth materials that you need for everything from smartphones, to build submarines.

    President Trump: Sure.

    Norah O’Donnell: What was the crucial thing? I mean, how tough of a negotiator—

    President Trump: Well, when you say hurting—

    Norah O’Donnell: —is President Xi—

    President Trump: —it was a temporary hurt. It was a hurt because— I was takin’ in a lot of money from China. We’re doing very well against China. And all of a sudden they said, “You know, we have to fight back.” And so they used their powers. The power they have is rare earth because of the fact that they’ve been accumulating it and— and really taking care of it for a period of 25, 30 years. Other countries haven’t. They use that against us, and we used other things against them. For instance, airplane parts. That’s a big deal. They have— hundreds of Boeing airplanes. We wouldn’t give them parts. We were both acting— maybe a little bit irrationally, but the big thing we had was tariffs ultimately. I said, “Look, if you don’t open up, then what we’re going to do is we’re going to impose a hundred percent tariff over and above what you’re already paying.” 

    Norah O’Donnell: Mr. President, you just negotiated this one-year trade deal with China—

    President Trump: Yep.

    Norah O’Donnell: But as you know, the Chinese, they think in a hundred years.

    President Trump: Sure.

    Norah O’Donnell: They play the long game, including on our own soil.

    President Trump: We play the long game too.

    Norah O’Donnell: Our own intelligence agencies say the Chinese have infiltrated parts of the American power grid and our water systems. They steal American intellectual property and Americans’ personal information. They bought American farmland. How big of a threat is China?

    President Trump: It’s like everybody else. We’re a threat to them too. Many of the things that you say, we do to them. Look, this is a very competitive world, especially when it comes to China and the U.S. And— we’re always watching them, and they’re always watching us. In the meantime, I think we get along very well, and I think it’s— I think we can be bigger, better, and stronger by working with them as opposed to just— knocking them out– 

    Norah O’Donnell: Who’s tougher to deal with, Vladimir Putin or Xi Jinping?

    President Trump: Both tough. Both smart. Both— look, they’re both very strong leaders. These are people not to be toyed with. These are people you have to take very serious. They’re not— they’re not walking in saying, “Oh, isn’t it a beautiful day? Look how beautiful. The sun is shining, it’s so nice.” These are serious people. These are people that are tough, smart leaders.

    Norah O’Donnell: And on that note, you talk about Ukraine. In August, I mean, you rolled out the red carpet for Vladimir Putin in Alaska. But there’s been—

    President Trump: Well, I roll out the red carpet for everybody.

    Norah O’Donnell: OK. But is— but there’s been no ceasefire—

    President Trump: I think I made— yes, there isn’t—

    Norah O’Donnell: What’s— is he ignoring you?

    President Trump: —because he thinks— because I inherited a country where he thinks he’s winning. That was a war that would’ve never happened if I was president. 

    Norah O’Donnell: So why won’t Putin end this war?

    President Trump: —that was— but— but Norah, that was Joe Biden’s war, not my war. I inherited that stupid war.

    As the bloodiest land war in Europe since WWII continues…

    President Trump: But I brought, just a little list of— look at this, wars. 

    President Trump wanted to make sure we saw the list of eight international conflicts he says he’s been able to end since returning to office.

    Norah O’Donnell: I mean, you have branded yourself the peace president.

    President Trump: Well, I think I did—

    Norah O’Donnell: What—

    President Trump: —pretty good. I— I solved— those are eight of the nine wars I solved. I—

    Norah O’Donnell: When—

    President Trump: —you know how I solved ’em? I said, in many cases, in 60% I said, “If you don’t stop fighting, I’m putting tariffs on both of your countries and you’re not going to be able to do business with the United—

    Norah O’Donnell: So why isn’t that— why isn’t that working with Putin?

    President Trump: Uhh, it is working with Putin, I think. I did different with him because we don’t do very much business with Russia, for one thing, you know? He’s not, like, somebody that buys a lot from us because of— foolishness. And I think he’d like to be. I think he wants to come in and he wants to trade with us, and he wants to make a lotta money for Russia, and I think that’s great. 

    The commander-in-chief has directed the U.S. military to destroy at least nine vessels in the waters off Venezuela, killing more than three dozen alleged drug smugglers. U.S. lawmakers, including at least four Republicans, have questioned the strikes’ legality.

    In the meantime, F-35 fighter jets, roughly 10,000 U.S. servicemembers, and multiple warships are in the Caribbean.

    Norah O’Donnell: And now the U.S.S. Gerald Ford, that is the world’s largest aircraft carrier, on the way to the Caribbean. Are we going to war against Venezuela?

    President Trump: I doubt it. I don’t think so. But they’ve been treating us very badly, not only on drugs— they’ve dumped hundreds of thousands of people into our country that we didn’t want, people from prisons— they emptied their prisons into our company— country. They also— if you take a look, they emptied their mental institutions and their insane asylums— into the United States of America, ’cause Joe Biden was the worst president in the history of our country. 

    Norah O’Donnell: But I just want to talk about the scale of the military operation around Venezuela, because it has been described to “60 Minutes” as using a blowtorch to cook an egg. Is this about stopping—

    President Trump: Well, I don’t think so. Look—

    Norah O’Donnell: Is it about— let me ask you, though. Is it about stopping narcotics? Or is this about getting rid of President Maduro? 

    President Trump: No, this is about many things. This is a country that allowed their prisons to be emptied into our country. To me, that would be almost number one, because we have other countries—

    Norah O’Donnell: We don’t need to blow up boats in order to deal—

    President Trump: Look, Mexico has been very bad to us in terms of drugs, OK? Very bad. We have a closed border right now. You probably noticed that for five months in a row, they have zero— think of this, zero people coming into our country through our southern border. 

    Norah O’Donnell: On Venezuela in particular, are Maduro’s days as president numbered? 

    President Trump: I would say yeah. I think so, yeah.

    Norah O’Donnell: And this issue of potential land strikes in Venezuela, is that true?

    President Trump: I don’t tell you that. I mean— I’m not saying it’s true or untrue, but I— you know, I wouldn’t—

    Norah O’Donnell: Why would we do it?

    President Trump: —I wouldn’t be inclined to say that I would do that. But— because I don’t talk to a reporter about whether or not I’m going to strike.

    Norah O’Donnell: Let’s talk about Israel — you got the remaining Israeli hostages out of Gaza.

    President Trump: I did.

    Norah O’Donnell: You arranged a ceasefire, however fragile that may be. Those are major—

    President Trump: It’s not fragile. It’s a very solid— you know, I mean, you hear about Hamas, but Hamas could be taken out immediately if they don’t behave. They know that. If they don’t behave they’re going to be taken out immediately. They’re know that—

    Norah O’Donnell: How do you get Hamas to disarm?

    President Trump: If I want ’em to disarm, I’ll get ’em to disarm very quickly. They’ll be— they’ll be eliminated. They know that. Don’t forget, you said I got the remaining hostages. I got all the hostages out. But I always said the last 10 or 20 are going to be tough. 

    Norah O’Donnell: You pushed the Israeli Prime Minister to make this deal, to get a ceasefire, to apologize to Qatar. Can you push Bibi Netanyahu to recognize a Palestinian state?

    President Trump: Yeah, he’s— he’s fine. He’s fine. Look, he’s a wartime prime minister. I worked very well with him. Yeah, I mean, I had to push him a little bit one way or the other. I think I— I did a great job in pushing— he’s a very talented guy. He’s a guy that— has never been pushed before, actually. That’s the kind of person you needed in Israel at the time. It was very important. I don’t think they treat him very well. He’s under trial for some things, and I don’t think they treat him very well. I think it should— you know, we’ll— we’ll be involved in that to help him out a little bit, because I think it’s very unfair. Um – I did, I pushed him. I didn’t like certain things that he did, and you saw what I did about that. I also stopped— you know, I— we knocked the hell out of Iran, and then it was time to stop, and we stopped. 

    President Trump told us he expects to expand the Abraham Accords, the historic agreement struck during Mr. Trump’s first term, that normalized relations between Israel and some Arab states.

    Norah O’Donnell: I wanted to ask you about the crown prince of Saudi Arabia is coming to the White House—

    President Trump: That’s right.

    Norah O’Donnell: —this month. He has said they won’t join the Abraham Accords without a two-state solution. Do you believe that?

    President Trump: No. I think he’s going to join. I— I think— we will have a solution. I don’t know if it’s going to be two-state. That’s going to be up to Israel and other people, and me. But— look, the main thing is you could’ve never had any kind of a deal if you had a nuclear Iran. And you essentially had a nuclear Iran. And I blasted the hell out of ’em, and no president is—

    Norah O’Donnell: Are you convinced they have no nuclear capability right now in Iran—

    President Trump: Do you want to know— do you want to know— they have no nuclear capability, no. Do you want to know that— the pilots, I invited them to the White House—

    Norah O’Donnell: I saw that.

    President Trump: —’cause they were very brave. I mean, I wouldn’t have wanted to do it you know, getting in a plane, and they know you’re coming, and you’re going right into Iran airspace. And, you know, they’re very experts, and you’re flying in with machines. Personally I can think of other things I’d rather do. These guys are very brave people. I mean, they’re real American heroes. And they told me something I didn’t know. They said, “Sir for 22 years we’ve been practicing this route… three times a year every year for 22 years, and you were the only president that let us do our job.” 

    As our time with the president was winding down, we asked him whether he’ll try to stay in his job beyond 2028.

    Norah O’Donnell: There’s been a lotta talk about 2028 and who will be at the top of the—

    President Trump: Yeah.

    Norah O’Donnell: —Republican ticket. Can you set the record straight? You’re not going to try and run for a third term?

    President Trump: Well I don’t even think about it. I will tell you, a lotta people want me to run. But the difference between us and the Democrats is we really do have a strong bench. I don’t want to use names, because it’s, you know, inappropriate. But it’s too early. 3 and ¼ years –

    Norah O’Donnell: But people do like when you start talking about whether you like J.D. Vance or Secretary Rubio—

    President Trump: I do like J.D. Vance. I like—

    Norah O’Donnell: Or secretary—

    President Trump: —Marco Rubio. I like— I like so many people. We have an unbelievable bench. 

    Norah O’Donnell: Mr. President, can I also ask you, we’re now at the end of your first year.

    President Trump: Yeah. 

    Norah O’Donnell: Of this second term. What do you hope to accomplish in the next three years?

    President Trump: I hope I can have the same year that we had. Look, we have been acknowledged to have the greatest nine months. You know, it’s nine months. The greatest nine months in the history of the presidency. So if I can keep that going I’ll be very happy. 

    Produced by Andy Court and Keith Sharman. Associate producers, Roxanne Feitel, Annabelle Hanflig, Jessica Kegu, Cassidy McDonald, Arman Badrei, Georgia Rosenberg and Julie Morse. Broadcast associates, Mariah Johnson, Callie Teitelbaum and Jane Greeley. Edited by Sean Kelly, Matthew Lev and Aisha Crespo.

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  • Dogecoin RSI Returns To Pre-Launch Levels, Analyst Says Next Major Surge Is Close

    Dogecoin’s latest two-week chart analysis suggests the cryptocurrency could be gearing up for a new explosive rally. According to trader and market analyst Trader Tardigrade, the Relative Strength Index (RSI) for Dogecoin has settled at levels similar to those seen before price rallies in the past two years or so. 

    This technical observation is based on Dogecoin’s steady uptrend along a long-standing support line since 2023 and points to its price action currently being in a possible early stage of accumulation before another leg upward.

    Related Reading

    Dogecoin RSI Now Showing Pre-Breakout Signals

    The RSI is an indicator that has consistently aligned with Dogecoin’s strongest rallies in this cycle. According to the current 2-week candlestick setup shared by Trader Tardigrade, the RSI is currently trading stable within the same low range that has preceded Dogecoin’s previous upward rises since 2023. 

    Each of the three major RSI dips, as shown on the price chart below, has coincided with price retests of the red ascending trendline. This event is notable because the first two dips were followed by significant upward movements in the Dogecoin price. Right now, the present RSI position is at its third dip, and it can be inferred that the meme coin may once again be approaching a launch point similar to those that led to past price surges.

    The long-term support trendline drawn from mid-2023 has acted as a reliable price base for Dogecoin’s recovery cycles. Price action has tested this line multiple times without breaking below it, and this has led to the creation of higher highs and higher lows. 

    Dogecoin 2W Candlestick Price Chart. Source: Trader Tardigrade On X

    Although Dogecoin broke below the trendline in the middle of October, this breakdown was very brief with a long wick. Based on Dogecoin’s price action in October, the most recent interaction with this trendline is just above $0.17. This latest interaction has been highlighted with stability above this price level, and this is another early sign of technical strength.

    DOGEUSD currently trading at $0.18. Chart: TradingView

    What To Expect If The Pattern Holds

    If this recurring structure between RSI and price maintains its consistency, Dogecoin could be about to embark on its third notable bullish run since early 2024. The most possible scenario is another rally that plays out over multiple weeks, as seen in the past two rallies.

    The last rally saw the Dogecoin price just around $0.5 in December 2024. Therefore, another rally from this point will see the creation of another higher high above $0.5 at least. The projection within the analyst’s chart, which is based on how the last rally plays out, points to a target around $0.8.

    At the time of writing, Dogecoin is trading at $0.1877, up by 0.5% in the past 24 hours. Reaching $0.8 will translate to new all-time highs and a 228% increase from the current price level. 

    Related Reading

    As long as the RSI holds its current base and the price stays above the ascending support, the sentiment surrounding Dogecoin may gradually shift from consolidation to rally alongside the rest of the crypto market.

    Featured image from Unsplash, chart from TradingView

    Scott Matherson

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  • Bitcoin ATMs enable cryptocurrency scams, federal prosecutor alleges

    Diane Reynolds said she was caught off guard when someone contacted the Maryland retiree online and said access to her computer had been blocked for safety reasons. 

    “There was a voice message that was coming on with this that said, ‘Don’t turn your computer on, don’t turn your computer off,’” she told CBS News. 

    Reynolds was also instructed to call a phone number she was led to believe would provide her with tech support. Instead, she was connected to a scam artist who claimed that hackers had obtained access to her bank account. The only way to protect her money was to convert the funds into bitcoin, the person told Reynolds.

    She withdrew her entire bank account balance, which totaled $13,100, and followed the scammer’s directions to go to a bitcoin ATM at a nearby gas station. The ATM was operated by Athena Bitcoin, which has more than 4,000 such terminals across the U.S. 

    Washington, D.C., Attorney General Brian Schwalb said such incidents highlight the surge in cryptocurrency scams linked to bitcoin ATM providers, resulting in the theft of millions of dollars.

    “Bitcoin ATMs are a tool that scammers, that criminals, are using to separate people, including D.C. residents, from their hard-earned money,” Schwalb told CBS News. “Athena, as a bitcoin operator, knows that its kiosks are being used by this element, and yet [has] failed to put proper anti-fraud prevention systems in place to keep it from happening.”

    He added, “What makes it worse is they are profiting from this because they’re charging very substantial fees.”

    Schwalb in September filed a lawsuit against Athena, alleging that it charges “undisclosed fees on deposits that it knows are often the result of scams, and for failing to implement adequate anti-fraud measures.”

    In a statement to CBS News, Athena Bitcoin said it “strongly disagrees with the allegations” and that it will contest the charges in court.

    “We employ aggressive safety protocols to protect the financial interests of our customers. …Our kiosks employ multiple safeguards, from prominent warnings and daily transaction limits to five separate verification screens designed to stop coerced transactions,” the company said. 

    Reynolds is also suing Athena Bitcoin. Her attorney, Vaught Stewart, accused the company of “not just allowing the fraud to happen — they’re profiting from it.” 

    In Washington, D.C., Athena Bitcoin charged fees of up to 26% per transaction, while 93% of all deposits made through the company’s ATMs are linked to scams, Schwalb alleged in his suit. 

     For her part, Reynolds wants to help others avoid losing their savings. “Now I’m an advocate for just telling people this is real,” she said. “Be aware.”

    Financial scams connected to bitcoin ATMs are on the rise, according to the Federal Trade Commission. 

    The Better Business Bureau, which ranks crypto-related fraud as one of the most common types of financial scams, notes that fraudsters tend to target the senior population. 

    Claims from an unknown source that your computer has been hacked is one major tip-off that someone is trying to swindle you, according to the organization. 

    Edited by

    Alain Sherter

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  • Polymarket Could Be Live in US by End of November

    Posted on: October 28, 2025, 09:55h. 

    Last updated on: October 28, 2025, 09:55h.

    • Sports contracts expected to be point of emphasis in US return
    • Polymarket could be available in this country by end of November on a limited basis
    • Company was banished from the US in 2022

    Polymarket could be live in the US by the end of November, adding a new player to this country’s football-fueled prediction markets madness.

    Polymarket
    A Polymarket logo. The exchange could be back in the US by the end of November. (Image: Wikipedia)

    Citing unidentified sources with knowledge of the matter, Bloomberg reported earlier Tuessday that Shayne Coplan’s company could return to the US by end of the next month, but the platform won’t immediately be available to all bettors and traders. The exchange operator is currently looking for beta testers and has a wait list.

    It’s believed sports contracts will be central to Polymarket’s return to the US and the estimated timing of the company’s reentry into this market aligns with that speculation. Assuming the prediction market is operational here at some point next month, it’d capture the tail end of college football’s regular season while potentially benefiting the latter part of the NFL season and the ramping up of the NBA and college basketball.

    If Polymarket reenters the US next month, it’d occur roughly a year after Coplan’s Manhattan apartment was raided by the FBI and more than three years after the company was banished from this country amid a regulatory flap with the Commodities Futures Trading Commission (CFTC).

    Polymarket US Return Could Drive Valuation Higher

    Speculation that Polymarket could be operating this country, albeit on a limited basis, next month arrives against the backdrop of soaring prediction market valuations.

    Earlier this month, Intercontinental Exchange (NYSE: ICE), the owner of the New York Stock Exchange (NYSE), took a $2 billion stake in Polymarket at a pre-money valuation of $8 billion. That deal, which made Coplan the youngest self-made billionaire on record, values the exchange at $9 billion to $10 billion on a post-transaction basis.

    Last week, rumors surfaced that Polymarket may be pursuing another capital raise at a valuation of $12 billion to $15 billion. Word is Kalshi – Polymarket’s primary rival – fresh off a funding round that pushed its valuation to $5 billion, may be in talks to raise more cash at a $10 billion to $12 billion to price point. By some estimates, more than 80% of Kalshi’s current turnover is derived from sports event contracts, perhaps underscoring why those derivatives are central to Polymarket’s US return.

    The valuation gap between the two companies is, according to some industry observers, largely attributable to Polymarket being the more cryptocurrency-centric of the pair. Digital currencies, mostly stablecoins, are used for trading on the platform, which is backed by blockchain technology.

    About Polymarket and Crypto…

    Rumors of Polymarket’s potentially imminent return to the US aren’t lost on the crypto community. In fact, many in that space believe the prediction market giant’s reentry into this country is a precursor to it launching its own cryptocurrency and potentially conducting an airdrop.

    It’s believed the “POLY” token is already in the works to some extent, but that effort is on the backburner until the company cements its return to this country.

    That return comes amid surging prediction markets competition. For example, DraftKings (NASDAQ: DKNG) recently announced an acquisition setting the stage for DraftKings Predictions and on Tuesday, Trump Media and Technology Group (NASDAQ: DJT) and Crypto.com announced a partnership that will see the latter integrate event contracts on the former’s Truth Social platform.

    Todd Shriber

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  • Donald Trump’s Truth Social Is Launching a Polymarket Competitor

    “If you had to point to one reason [crypto prediction markets] are able to come back to the US, you have to point to the Trump administration,” says Zach Hamilton, founder of crypto startup Sarcophagus, in an interview with WIRED. “Donald Trump. I mean, that’s it.”

    Even before the arrival of Truth Predict, the Trump family had a financial interest in the spread of prediction markets in the US.

    In January, Donald Trump Jr. joined Kalshi as a strategic adviser. Then, in August, Polymarket received an investment from 1789 Capital, a venture capital firm where Trump Jr. serves as a partner. As part of the deal, Trump Jr. joined Polymarket’s advisory board.

    The ties between the Trump family and Polymarket, forged just as Polymarket was seeking reentry into the US, have drawn scrutiny from critics who claim the investment could amount to a conflict of interest. The deal creates an opportunity, they allege, for the Trump family to profit from changes in policy instigated by the Trump administration.

    “No one is saying members of the president’s family cannot engage in normal capitalist activities in a capitalist country,” says Jeff Hauser, executive director at the Revolving Door Project, an organization that seeks to scrutinize the behavior of elected officials. “But Polymarket is the subject of heated political controversy. As such, the investment reflects a significant conflict of interest—and an avoidable one.”

    “Neither the president nor his family have ever engaged, or will ever engage, in conflicts of interest,” says White House press secretary Karoline Leavitt, in a statement to WIRED.

    Polymarket, TMTG and 1789 Capital did not respond immediately to requests for comment.

    The Truth Predict launch also tees up a scenario in which separate facets of the Trump family’s business empire could effectively compete against one another.

    “From a venture capital perspective, many of us don’t like to invest in competing projects. We try to avoid that,” says Chris Perkins, managing partner at crypto VC firm CoinFund. “We try to identify category winners.”

    Already, businesses connected to the Trump family are operating competing bitcoin treasuries. In June, a dispute broke out over which corporate entities were permitted to launch an “official” Trump-branded crypto wallet.

    Joel Khalili

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  • The Next Chapter For Crypto: Legislative Clarity, Institutional Support Set Stage For Major Growth

    The crypto market, despite experiencing throughout the year major price fluctuations, security incidents, and legal hurdles, has experienced remarkable growth.

    This can be attributed to the expansion of digital asset treasuries (DATs), increased institutional adoption, and new initiatives aimed at integrating digital assets, particularly stablecoins, into traditional financial sectors.

    Andreessen Horowitz (a16z) recently shared their projections for the crypto landscape for the remainder of the year and years to come, highlighting nine key trends expected to be major catalysts for the industry.

    Key Legislative Changes And Institutional Adoption 

    Firstly, market structure legislation in the US is expected to emerge as a critical priority for policymakers and Congress, establishing a clear regulatory framework that supports crypto developers. 

    The passage of the GENIUS Act in July of this year also marked a pivotal moment, garnering bipartisan support and providing builders with much-needed certainty in their endeavors.

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    Secondly, the adoption of stablecoins is set to accelerate as network effects take hold among financial institutions, merchants, and consumers, thereby enhancing the global standing of the US dollar.

    Furthermore, major players like JPMorgan, Citi, BlackRock, and Fidelity are amplifying their crypto offerings through new product launches, partnerships, and acquisitions. 

    The infrastructure supporting blockchain technology is also advancing rapidly. Current networks can process over 3,400 transactions per second, marking a 100-fold increase over the past five years.

    Moreover, a new wave of real-world assets (RWAs) is transitioning onto the blockchain as the worlds of crypto and traditional finance converge. The market for tokenized real-world assets has expanded to nearly $30 billion, with significant contributions from Treasuries, money market funds, and private credit.

    The Future Of Crypto

    In parallel, the crypto sector is attracting a growing pool of talent, driven by a more favorable regulatory environment and the emergence of new opportunities for developers.

    The focus on revenue generation is also shifting within the token ecosystem. More tokens are implementing fee mechanisms, redirecting attention toward fundamental value. In the past year, users have paid $33 billion in fees, resulting in $18 billion for projects and $4 billion for token holders. 

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    Innovative consumer products are also expected to drive the next wave of crypto adoption. Although approximately 716 million people now own cryptocurrency, only 40 to 70 million are considered active users. 

    Ultimately, 2025 is poised to lay the groundwork and establish the foundations for the years to come. It is expected to be a transformative year for the crypto industry, characterized by widespread institutional adoption, regulatory clarity, and tangible utility. 

    The daily chart shows the total crypto market cap valuation at $3.8 trillion. Source: TOTAL on TradingView.com

    Featured image from DALL-E, chart from TradingView.com

    Ronaldo Marquez

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  • Polymarket to Launch Its Own Crypto Token After Returning to US

    Posted on: October 27, 2025, 12:46h. 

    Last updated on: October 27, 2025, 12:46h.

    • Prediction markets operator says it will introduce digital token, conduct airdop
    • Those events will take place after the company reenters the US
    • Polymarket taking pragmatic approach to its native cryptocurrency

    A Polymarket executive recently confirmed the prediction markets will launch its own digital token, but the company’s priority is focusing on reentering the US.

    Polymarket
    A Polymarket logo. The exchange could soon launch its own cryptocurrency. (Image: Wikipedia)

    In an interview last week with Degenz Live, Polymarket CMO Matthew Modabber confirmed the derivatives exchange will launch its own cryptocurrency, likely under the ticker “POLY” and that there will be an airdrop. Specifics such as allocation formulas, claiming process, and launch dates haven’t been revealed as of yet.

    We just want to make sure that when we do shift our focus to a token, it is one of our core priorities. Right now, our core priority is launching in the US,” said Modabber in the interview. “It’s not like we’re not eyeing and getting things ready. But, obviously, our focus will shift more to that once it’s time.”

    Following a regulatory clash with the Commodities Futures Trading Commission (CFTC) in 2022, Polymarket was banned from operating in this country. The company worked through those issues and in June, it announced the $112 million purchase of clearinghouse and derivatives exchange QCEX LLC  — a deal that paves the way for the buyer to reenter the US market.

    Signs Abound Regarding Polymarket Token Debut

    The POLY token rumors arrive as Shayne Coplan’s company is just weeks removed from landing a $2 billion investment from Intercontinental Exchange (NYSE: ICE) that values Polymarket at $9 billion to $10 billion post-money and amid rumors that it’s next funding round could vault its valuation to $12 billion to $15 billion.

    The signs have been there that Polymarket, already a crypto-intensive company, could eventually bring its own digital currency to market. For example, a recent filing with the Securities and Exchange Commission (SEC) stirred chatter in crypto circles that the event contracts purveyor was inching towards launching a token.

    That document included the phrase “other warrants” pertaining to investors options and rights to buy other securities, expanding upon verbiage in prior filings indicating investors would have access to equity and traditional warrants. In the crypto world, the phrasing in the latest SEC filing was construed as a sign Polymarket is readying a token of its own.

    As of now, it’s not clear what POLY’s exact functions will be or if it will trade on the Ethereum or Solana blockchains.

    POLY Airdrop Could Be Huge

    Polymarket’s exact date for US reentry isn’t known, but it may be close as the company is looking for beta testers and has a wait list. Those could be signs it’s time for cryptocurrency fans to stay abreast of airdrop goings on.

    “A crypto airdrop is an activity typically performed by blockchain-based startups to help bootstrap a virtual currency project. Its aim is to spread awareness about the cryptocurrency project and to encourage more people to participate in it when it becomes available. Airdrops are generally communicated through the company’s official channels and cryptocurrency communities,” according to Coinbase.

    Typically, the recipients of the biggest shares of airdrops are the most active members of the underlying community, indicating those that get the most POLY are the most active traders on the platform, but that’s just speculation for now.

    Todd Shriber

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  • The Lessons of an Indefensible Pardon for a Crypto Billionaire

    Richard Painter, a University of Minnesota law professor who served in the White House as George W. Bush’s chief ethics lawyer, told me there is no parallel in American history for what we are witnessing. “Corruption scandals have usually involved campaign money going to politicians, from both parties,” Painter said. “This is the first time one has involved the President’s personal businesses and personal money.”

    Some of the details leading up to last week’s pardon are murky. But, from reporting by several media outlets, we know quite a bit about the relationship between Binance and World Liberty Financial (W.L.F.), the crypto business that is majority-owned by the Trump family. Zhao was released from prison last September. According to a Bloomberg article, two sources said that, shortly after Trump’s reëlection, Zhao met with the businessman Steve Witkoff, a partner of the Trumps in W.L.F. who later went on to become the United States special envoy to the Middle East, at a Bitcoin conference in Abu Dhabi. (Bloomberg also cited a source close to Witkoff who said that Witkoff doesn’t recall this meeting.) In March, the Wall Street Journal reported that Zhao was pushing for a Presidential pardon, and that representatives of the Trump family had held talks about taking a stake in the U.S. arm of Binance. (At the time, Zhao denied seeking clemency, and no deal materialized.) That same month, W.L.F. announced that it was entering the fast-growing market for stablecoins and creating its own coin, USD1.

    Stablecoins are digital money designed to be less volatile than cryptocurrencies like bitcoin. Unlike other digital assets, the value of stablecoins is meant to be backed, one to one, by reserves of safe assets, such as U.S. Treasuries. W.L.F.’s decision to launch USD1 came just before Congress began considering a piece of legislation to establish a regulatory framework for stablecoins, the GENIUS Act, which Trump eventually signed this past summer. And, in rolling out USD1, W.L.F. was looking to compete with established stablecoins including Tether, which was launched in 2014 by a crypto company of the same name, and USDC, which the fin-tech company Circle issued in 2018.

    As with any new crypto product, the challenge facing W.L.F. was to get USD1 widely adopted. It got a big break in May, when Binance agreed to accept a two-billion-dollar investment from MGX—a fund controlled by the U.A.E. government—that was paid for using the Trump stablecoin. A spokesperson for MGX told Forbes that Binance asked for the deal to be settled in cryptocurrency, and the parties settled on USD1 because it is “backed 1:1 by a conservative mix of U.S. dollar-denominated assets . . . all held and managed by an independent, U.S.-based custodian in externally audited custodial accounts.” For W.L.F. and its new digital dollar, the transaction was transformative. “The deal caused the amount of the cryptocurrency in circulation to erupt 15-fold and overnight become one of the world’s largest,” the Journal noted. Also, MGX’s purchase of USD1 to close the deal sent a surge of capital to W.L.F., which, as long as Binance held onto the currency, the Trump company could invest in Treasuries and other safe securities to generate returns that Bloomberg estimated at about eighty million dollars a year.

    An in-depth investigation by the Times, in September, pointed out that, two weeks after M.G.X. bought into Binance, the White House agreed to allow the U.A.E. to import hundreds of thousands of advanced computer chips that are used to train A.I. models, and which were subject to U.S. export restrictions. The Binance investment raised questions about the motivation of the U.A.E., an oil-rich Gulf kingdom, and about the Trump Administration’s security policies. But the most immediate beneficiary of the transaction was W.L.F. “We thank MGX and Binance for their trust in us,” the World Liberty C.E.O., Zach Witkoff, who is Steve’s son, said at a conference in Dubai.

    Binance’s involvement with W.L.F. reportedly went beyond accepting USD1 as a means of payment and holding onto it. Bloomberg, citing three unidentified sources, reported that “Binance wrote the basic code to power USD1.” (A World Liberty spokesperson told the outlet that its report was “factually deficient.” A spokesperson for Binance said it followed “its standard listing process.”) The Journal reported on a partnership between W.L.F. and the crypto-trading platform PancakeSwap that was intended to boost adoption of USD1. PancakeSwap was created in 2020 by anonymous developers, who, according to the Journal, worked at Binance. The article also quoted Trevor Xu, a crypto entrepreneur based in Melbourne, Australia, who said, “The main narrative in the ecosystem is that Binance is supporting USD1.”

    John Cassidy

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  • Ethereum Whales Start Buying Back: 218K ETH Added In A Week After October Dump

    Ethereum’s largest non-exchange holders are tiptoeing back into accumulation. On-chain analytics platform Santiment reported that wallets holding between 100 and 10,000 ETH, also known as whales and sharks, have begun to rebuild positions after unloading roughly 1.36 million ETH between October 5 and 16. 

    Notably, the Ethereum collective holdings chart shows that nearly one-sixth of those coins have already been clawed back, as some confidence starts to return to the second-largest crypto asset.

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    Whales Reverse Course After Early-October Capitulation

    The first half of October was highlighted by one of Ethereum’s most pronounced periods of capitulation this year. Macroeconomic fears due to US tariffs saw the Bitcoin price undergo a flash crash that dragged many altcoins to the downside. During this move, Ethereum’s price also fell very quickly, dropping from highs around $4,740 on October 7 to as low as $3,680 on October 11. 

    Interestingly, on-chain data shows that the selling pressure from large holders amplified this move, as the chart from Santiment shows a steep decline in their cumulative holdings from about 24.5 million ETH to roughly 22.6 million ETH. This 1.9 million ETH drop reflected clear risk-off behavior among whales and sharks, who had been net buyers since August.

    However, once selling momentum began to fade, accumulation started to return. Institutional inflows started to return into Spot Ethereum ETFs, and whale/shark trades started accumulating Ethereum. Since October 16, the same cohort that contributed to the liquidation has begun adding back to their positions. Santiment noted that these holders are finally showing some signs of confidence, demonstrating an incoming extended recovery phase following the shakeout.

    ETHUSD now trading at $3,953. Chart: TradingView

    218,470 ETH Added In Last 7 Days

    According to Santiment’s data, the collective holdings of addresses with 100 to 10,000 ETH have rebounded to approximately 23.05 million ETH after bottoming out in mid-October. A highlighted annotation on the chart shows that 218,470 ETH were accumulated in just the past week, signaling a tangible shift in on-chain behavior. 

    Ethereum collective holdings of wallets holding 100-10,000 ETH. Source: Santiment

    This increase represents roughly one-sixth of the coins previously dumped, a sign that major investors are gradually re-entering the market after what appeared to be an exhaustion phase. Similar accumulation trends have often preceded a broader recovery in Ethereum’s price, especially when accompanied by stabilization in the ETH/BTC trading pair.

    As it stands, the Ethereum price appears to be building a firmer base for the next phase of its recovery heading into November. When whale wallets accumulate, it reduces the circulating supply available on exchanges and reduces selling pressure.

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    At the time of writing, Ethereum is trading at $3,940 and is on track to break and close above $4,000 again. Both Ethereum and Bitcoin have risen a bit in recent days after inflation report showed US inflation cooling to 3% in September, below the 3.1% forecasted by economists. 

    Featured image from Unsplash, chart from TradingView

    Scott Matherson

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  • Peabody to ban Bitcoin ATMs after residents scammed

    PEABODY — An ordinance before the City Council would ban Bitcoin machines in the city after Peabody residents have lost well over $100,000 in scams involving these machines.

    Councilors voted unanimously Thursday night to draft and advertise the ordinance change banning all machines that sell virtual currency including but not limited to Bitcoin.


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  • Analyzing Trump’s pardon of crypto billionaire Changpeng Zhao

    President Trump pardoned crypto billionaire Changpeng Zhao this week. The president said the Binance founder was recommended by a lot of people for a pardon. Zhao pleaded guilty to money laundering charges in 2023. He was sentenced the next year and spent four months in jail. Kenneth Vogel, reporter for the New York Times, joins “The Daily Report” to discuss.

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  • Crypto Fundraising Surges Mid-October as 2025 Totals Near $19 Billion – Houston Press

    By mid-October 2025, crypto and blockchain startups had raised over $2.5 billion, bringing total funding for the year close to $19 billion. The surge has caught analysts off guard, suggesting 2025 could end as one of the strongest years for digital-asset investment since 2021. The latest rounds signal renewed—and deeper—institutional confidence after two years of cautious distance.

    That fundraising sprint also intersects with what screens are tracking this fall: rolling lists of newly launched networks, payment tools, and wallet tokens. Roundups of the best new crypto coins read less like hype reels and more like product catalogs—staking mechanics, fee discounts, point-of-sale tie-ins—features investors can actually diligence. The throughline is utility; projects promising usable rails or clear incentives are the ones earning space on watchlists. 

    Recent examples span infrastructure and consumer-facing tools. Several new platforms are emphasizing faster settlement layers, simplified crypto payments, and integrated staking systems designed for everyday users. Others highlight low-fee wallets, flexible reward models, and cross-chain access points that prioritize speed and transparency. Each concept leans on function over flash—the sort of grounded detail that professional investors scrutinize before committing capital.

    For Houston’s founders and funds, the signal is straightforward: attention is shifting to tangible integrations—payments, custody, scalable L2 throughput—over narrative alone. That focus helps explain the appetite for sizeable, single-name bets in October, setting the stage for deals shaping the tone of Q4 2025.

    The month’s largest raise came from a blockchain prediction-market startup that drew roughly $2 billion in strategic funding from a major global exchange, valuing the company at nearly $9 billion. Other significant rounds included an $82 million Series B for a decentralized insurance platform and a $35 million raise for a treasury-management firm focused on Bitcoin reserves and cross-chain liquidity. 

    Altogether, these deals reflect a maturing market that now prizes operational stability, regulatory clarity, and real-world utility over hype. The projects gaining traction are no longer the flashy token launches of earlier years but platforms offering scalable infrastructure, interoperability, and compliant financial products.

    This rapid acceleration marks a clear turning point for the crypto ecosystem. After a muted 2023 and a cautious rebound in 2024, the sector has regained momentum as one of the most resilient areas of technology. Venture capital has been flowing steadily into startups building decentralized finance infrastructure, tokenized real-world assets, and next-generation custody solutions. 

    Analysts note that part of the resurgence stems from evolving regulatory frameworks—particularly in the United States and Europe—where clearer rules have encouraged more institutional participation. At the same time, major financial institutions are exploring blockchain integrations for payments, settlement, and asset tokenization, giving the space a stronger commercial foundation than in previous cycles.

    For Houston readers, this national upswing could carry meaningful implications. The city’s growing reputation as a technology and finance hub positions local founders and investors to participate in the expanding digital-asset economy. Houston’s entrepreneurial ecosystem, already home to energy-tech innovators and data-focused startups, is increasingly intersecting with blockchain applications in energy, logistics, and healthcare data management. 

    With venture capital firms broadening their geographic focus beyond traditional crypto centers like San Francisco and Miami, Texas-based projects may soon attract more early-stage funding aligned with these sectors.

    This surge also points to a broader market shift. Crypto fundraising in 2025 appears less like a speculative rush and more like the development of a structured capital environment. Institutional investors are prioritizing transparency, governance, and long-term viability. Startups that meet those standards are raising larger rounds and forming partnerships that extend beyond the crypto sphere. It’s a sign that the digital-asset industry has entered its next phase—one focused on infrastructure, compliance, and scalable financial systems rather than short-term speculation.

    As the final quarter of 2025 unfolds, additional deals are expected to close, potentially pushing total annual funding above $20 billion. If the current trajectory holds, this year could stand as a decisive recovery period for blockchain innovation, setting the tone for a more disciplined and sustainable investment cycle ahead. For Houston’s tech community, it’s a development worth tracking closely—a reminder that the next wave of digital finance is already taking shape, bringing new opportunities for those positioned to build and invest.

    This article appears in Jan 1 – Dec 31, 2025.

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  • Texas Eyes Ethereum as Second Cryptocurrency for State Reserve – Houston Press

    Since President Donald Trump resumed office and began working on his plan to make America a global crypto hub, many government bodies have changed their stance towards crypto. As crypto adoption hits an all-time high, even traditionally conservative states like Texas are beginning to key into the President’s crypto agenda.

    Earlier this year, lawmakers passed Senate Bill 778, which set the stage for creating a Bitcoin reserve and allowed the state to accept crypto for taxes and donations. As more people began using digital assets, crypto wallets became a regular part of managing them. Mentions of Sui Wallet for download also appeared more often, showing how these tools are finding their place in everyday use. This kind of move marks a small but clear step toward wider crypto adoption across the state.

    Then, on September 1, 2025, Texas joined Arizona and New Hampshire as the only U.S. states to create a strategic Bitcoin Reserve as Senate Bill 21 was passed into law. The bill also made Texas the first U.S. state to allocate government funds to finance its Bitcoin Reserve.

    SB 21 states that Texas’s Comptroller of Public Accounts can invest about $250 million in Bitcoin or other digital assets. The bill also states that other municipalities in Texas can invest $10 million each from their local accounts into cryptocurrency. 

    Speaking on SB 21, just one month after passing into law, Senator Charles Schwertner said that Texas could divert some of the investment to Ethereum instead of Bitcoin, like everyone does. Although most crypto reserves are made up of Bitcoin, the senator, who sponsored this crypto reserve bill, believes that investing in Ethereum may be a reasonable move for the state government. 

    However, other lawmakers may not take Schwertner’s advice as Ethereum has failed to meet the threshold set by SB 21. The law states that eligible cryptocurrencies must maintain an average market cap of $500 billion for a period of 24 months. If any cryptocurrency falls short of this requirement, it won’t be considered by the government. 

    So far, only Bitcoin has met this requirement with a market cap of more than $2 trillion. Ethereum was on its way to meet the requirement, but fell short on Friday, October 10, as its market cap stood at stood at $469 billion. Given that its market has been hovering around the required $500 billion in the past few months, lawmakers will be monitoring it to see if they can invest in it. 

    The 24-month requirement is important because the reserve is more focused on cryptocurrencies that can provide long-term value and not short-term returns. 

    Schwertner explained that the government is taking careful steps with the reserve and the money sponsoring it. SB 21 also states that the assets should be kept in a separate fund outside the Texas treasury. As such, the state comptroller is carefully vetting qualified custodians that can help secure the reserve. 

    Overall, creating a crypto reserve is a bold step for the government, but it is a necessary one. Although investing in Bitcoin seems like the obvious choice, Ethereum holds much promise for the future of smart contracts and could offer different upsides from Bitcoin. Creating a crypto reserve also shows that the government is in support of the digital asset economy and could support more crypto-friendly regulations.

    This article appears in Jan 1 – Dec 31, 2025.

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  • Bitcoin Price Update: Key Drivers That May Keep The Bull Run Alive Until Q2 2026

    The Bitcoin price has recently experienced a significant uptick in volatility, positively impacting its performance as it recovered to $110,000 after opening the week at $107,000. 

    Despite this, Bitcoin’s struggle to maintain momentum near all-time high levels, combined with increasing selling pressure over the past month, has led some to speculate that the current bull run may have peaked.

    Analysts at The Bull Theory, on the other hand, have identified key indicators suggesting a shift in Bitcoin’s traditional four-year cycle, with potential for the ongoing bullish trend to extend into 2026. 

    Anticipating Bitcoin Price Peak In Q2 2026

    In a post on social media platform X (formerly Twitter), the analysts explained that the typical Bitcoin price pattern has historically followed a straightforward rhythm: Halving, a 12–18 month rally, a blow-off top, and then a bear market. This pattern has held true for over a decade, but recent data indicates a significant change.

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    According to their analysis, Bitcoin is transitioning from a four-year cycle to a five-year cycle, with the next peak anticipated around the second quarter of 2026. This change is attributed to deeper structural shifts within the global economy. 

    Governments are increasingly rolling over debt for longer periods, business cycles are extending, and liquidity waves are moving through the financial system at a slower pace.

    The daily chart shows BTC’s volatility on the rise with a new surge on Thursday above $110,000. Source: BTCUSDT on TradingView.com

    One key factor pointed by the analysts influencing this lag is that when central banks cease tightening their monetary policies, it typically takes 6 to 12 months for liquidity to reach the markets. 

    The easing signals from Federal Reserve (Fed) Chair Jerome Powell in the third quarter of 2025, such as indications of ending balance-sheet contraction, are expected to impact markets well into early 2026, rather than having an immediate effect.

    Additionally, this delay is evident outside the US China’s money supply (M2) has surged to more than double that of the US and continues to expand. Historically, when China’s liquidity grows faster than that of the US, the Bitcoin price tends to rally a few months later, thereby extending the cycle into the first half of 2026. 

    Japan’s new Prime Minister has also initiated an economic package aimed at combating inflation, which is expected to further contribute to global liquidity. 

    On-Chain Data Shows Institutional Accumulation 

    This current cycle is also characterized by institutional accumulation rather than retail hype. Spot exchange-traded funds (ETFs), corporate treasuries, and funds are gradually purchasing and holding Bitcoin for extended periods. 

    Despite the current market conditions, retail interest in Bitcoin remains subdued, with Google Trends showing significantly lower search interest compared to 2021 levels. 

    This indicates that the market is currently in a phase of quiet expansion rather than widespread mania, and retail euphoria—which typically signals the end of market cycles—has yet to materialize.

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    On-chain data supports this mid-cycle structure, revealing that institutions continue to accumulate Bitcoin, exchange reserves are near multi-year lows, and miner selling pressure has diminished since the Halving event. 

    Bitcoin price
    Bitcoin reserve on exchanges drop to historical lows. Source: The Bull Theory on X

    While the four-year Halving model remains relevant, the analysts assert that it is now being reshaped by macro liquidity dynamics, institutional pacing, and elongated global cycles. Consequently, the true peak of this bull run may align more closely with Q2 2026 rather than 2025.

    Featured image from DALL-E, chart from TradingView.com 

    Ronaldo Marquez

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