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Tag: Cryptocurrency

  • Ethereum Stays Steady Above Realized Value – Can Fresh Liquidity Fuel The Next Breakout?

    Ethereum (ETH), the second-largest cryptocurrency by market cap, continues to trade slightly below the psychologically important $4,000 price level, following the brutal drawdown on October 9, which saw the digital currency test the support at around $3,435.

    Ethereum Stays Above Realized Price – Bullish Momentum Soon?

    According to a CryptoQuant Quicktake post by contributor TeddyVision, Ethereum is trading above its Realized Price at approximately $2,300. Dubbing the price level a “fundamental support zone,” the analyst said that historically, any dips below this level have marked a capitulation phase.

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    For the uninitiated, Realized Price represents the average cost basis of all ETH holders, calculated by dividing the total value of all ETH at the time they last moved on-chain by the current circulating supply. 

    Realized Price effectively shows the “true” average price investors paid, serving as a key indicator of whether the market is in profit or loss. As long as ETH trades above Realized Price, the market structure is likely to remain bullish.

    The analyst also highlighted Ethereum’s Market Value to Realized Value (MVRV) ratio. Notably, ETH holders are currently, on average, at 67% profit relative to their cost basis. This metric gives two major hints about the current market.

    Source: CryptoQuant

    First, it shows that although the market is profitable, it is still far from “overheated” levels. Second, it indicates that market participants are confident about the market’s upward momentum, but not quite euphoric.

    To explain, the MVRV ratio compares the market value of an asset to its realized value. A higher MVRV indicates holders are sitting on larger unrealized profits – often signaling potential overvaluation – while a lower MVRV suggests undervaluation or market fear.

    Further, TeddyVision noted Ethereum’s reaction from the Upper Realized Price Band, which is currently located around $5,300. The analyst remarked:

    Price pulled back before reaching the “Overheating Zone. This isn’t a reversal – it’s a consolidation phase after distribution, a healthy cooldown without structural damage.

    Finally, spot inflows of ETH to crypto exchanges are also slowing down, hinting that the next leg up for the digital asset will likely depend on fresh liquidity, and not leverage. To sum it up, Ethereum is slowly moving from the distribution phase to the consolidation phase.

    Is It A Good Time To Buy ETH?

    While providing reliable future predictions in the crypto market remains a challenging task, fresh on-chain and exchange data point toward ETH regaining its bullish momentum. For instance, Binance funding rates recently hinted that ETH could surge to $6,800.

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    Similarly, ETH reserves on exchanges continue to fall at a rapid pace. Earlier this month, ETH supply on exchanges hit a multi-year low, increasing the probability of a potential “supply crunch” that can dramatically increase ETH’s price.

    That said, crypto analyst Nik Patel recently cautioned that ETH’s price correction may not yet be fully over. At press time, ETH trades at $3,849, up 0.3% in the past 24 hours. 

    ethereum
    Ethereum trades at $3,849 on the daily chart | Source: ETHUSDT on TradingView.com

    Featured image from Unsplash, charts from CryptoQuant and TradingView.com

    Ash Tiwari

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  • ‘War on Crypto Is Over’: Donald Trump Pardons Binance Founder CZ

    US president Donald Trump has pardoned Changpeng Zhao, founder of the world’s largest crypto exchange, Binance.

    Zhao, widely known as CZ, pled guilty in November 2023 to violating anti-money-laundering laws and US sanctions. The plea formed part of a sweeping deal with the US Department of Justice, under which Binance was required to pay a record-breaking $4.3 billion penalty.

    Zhao ultimately spent four months in federal prison. The DOJ had originally petitioned for a three-year prison sentence.

    After issuing the pardon, the White House has cast Zhao as the victim of a plot to trample the crypto industry carried out by the administration of former president Joe Biden. Regulators brought a volley of lawsuits against high-profile businesses during this era, and the DOJ prosecuted crypto industry figureheads for fraud.

    “In their desire to punish the cryptocurrency industry, the Biden administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims,” says White House press secretary Karoline Leavitt. “The Biden administration’s war on crypto is over.”

    Zhao, who founded Binance in 2017, is something of a legend in cryptoland for his bullish pronouncements and flair for social media. Until his guilty plea, he routinely used his platform on X to dismiss allegations of wrongdoing at Binance.

    Zhao is the latest in a line of crypto figureheads pardoned by Trump. The president has received endorsements and millions of dollars in donations from members of the industry.

    Immediately after returning to office, Trump commuted the prison sentence of Ross Ulbricht, creator of darknet marketplace Silk Road. In late March, Trump pardoned the cofounders of crypto exchange BitMEX, who in 2022 pleaded guilty to charges relating to their failure to maintain an adequate anti-money-laundering program.

    Though Zhao has already served his allotted prison sentence, the pardon will strike the anti-money-laundering and sanctions violations from his criminal record.

    “For him, I think this is really about clearing his name,” claims Patrick Hillmann, who previously worked under Zhao as chief strategy officer at Binance. “I think this is closure for him.”

    The pardon could also clear the way for Binance to return to the US market, which it was forced to exit as a condition of the DOJ settlement. Binance has spent months pursuing a pardon for Zhao, who was released from prison in September 2024, The Wall Street Journal previously reported.

    Joel Khalili

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  • Donald Trump Just Pardoned the Founder of Binance

    Changpeng Zhao, founder of the crypto exchange, had been convicted of federal anti money-laundering violations.

    President Donald Trump has pardoned convicted Binance founder Changpeng Zhao, a White House official said on Thursday.

    In a statement, White House press secretary Karoline Leavitt said Trump had “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.”

    Binance did not immediately respond to a request for comment.

    Zhao, one of the most powerful people in the crypto world, had to step down as CEO of Binance when the company agreed to a $4.3 billion settlement with the U.S. government to end a years-long probe into misconduct at the world’s largest crypto exchange.

    Trump’s pardon of Zhao paves the way for the crypto mogul to return to the business he helped found in 2017. He has already served his time in prison after a judge sentenced him to four months.

    Zhao’s pardon is the latest in a series Trump has doled out to executives convicted of white collar crimes.

    Earlier this year, he pardoned the founders of crypto exchange BitMEX in connection with similar anti-money laundering violations and the founder of electric truck company Nikola convicted of fraud. He has also commuted the sentence of the executive of now-defunct start-up Ozy Media.

    —Reporting by Gram Slattery and Chris Prentice; editing by Rami Ayyub and Doina Chiacu

    Reuters

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  • Cryptocurrency exchange Cryptomus fined record $177M by Fintrac – MoneySense

    The $176,960,190 eclipses the previous record—roughly $20 million—for a fine imposed by Fintrac. That penalty was given to Peken Global Ltd, the operator of another cryptocurrency firm, KuCoin, in September.

    “Given that numerous violations in this case were connected to trafficking in child sexual abuse material, fraud, ransomware payments, and sanctions evasion, Fintrac was compelled to take this unprecedented enforcement action,” director and CEO Sarah Paquet, said in a statement about the Cryptomus penalty.

    Thousands of crypto transactions unreported

    In a statement, the company said it is co-operating with the regulator and taking necessary measures in accordance with their decision.
    The agency found 1,068 instances where Cryptomus did not submit reports for July 2024 transactions involving known darknet markets and virtual currency wallets with ties to the criminal activity Paquet described. Darknet markets are online and often anonymous platforms where illegal goods and services are sold. Virtual currencies also mask the identity of their holder, making both them and the darknet markets havens for criminal activity.

    Fintrac said Cryptomus didn’t just violate money laundering laws when it failed to flag suspicious transactions, it also committed a violation when it failed to report 7,557 transactions originating from Iran between July 1 and Dec. 31, 2024. Because of ministerial directives linked to financial transactions associated with the Islamic Republic of Iran, Cryptomus was supposed to treat these transactions as high risk.

    It was also required to verify the identity of the sender(s)/beneficiary(ies), exercise due diligence, maintain a record of the transactions, and report them to Fintrac, yet the agency said none of those obligations were fulfilled. Furthermore, Fintrac found 1,518 transactions in July 2024 that met the $10,000 threshold at which companies have to report a large transfer of virtual currency. Fintrac said these instances went unreported by Cryptomus, which also had “incomplete and inadequate policies and procedures” that created deficiencies in how the company handled ongoing monitoring and “know-your-client” obligations.

    The best crypto platforms and apps

    We’ve ranked the best crypto exchanges in Canada.

    Case underscores rising scrutiny of crypto compliance

    Adam Garetson, a partner at Gowling WLG, who leads its digital assets group, says the scale of the fine seems to be a result of both the seriousness of the allegations and how many times the rules were apparently violated. “The allegations of non-compliance were huge just from a volume perspective. They’re also allegations of evidence showing direct links to criminal activity, and flows of funds to sanctioned countries which were seemingly on a regular basis,” he said. “So these are some pretty egregious allegations in terms of non-compliant activity.”

    He said the allegations are in sharp contrast to what he’s seeing generally in the Canadian crypto trading market, where operators are complying with anti-money laundering rules as well as Canadian securities regulations. The size of the fine against Cryptomus comes as both Canadian and international regulators are seeing more support for greater fines and sanctions to crack down on illicit finance, he said. 

    Whether the regulator will be able to collect on the penalties is another question, since the company seems to have limited ties to Canada beyond its registration, with no employees apparently based in the country. Garetson said that there is at least rising co-operation among anti-money laundering regulators globally to increase the chances that recovery could occur. 

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    Paquet said in her statement that Fintrac is committed to working with both domestic partners and international allies to protect the safety of Canadians. 

    Record year for Fintrac enforcement actions

    Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, businesses ranging from financial institutions to real estate brokers and casinos must keep certain records, identify clients, maintain a compliance regime, and report financial transactions meeting specific criteria to Fintrac. The Wednesday fine is the latest reprimand Cryptomus has faced. The B.C. Securities Commission temporarily banned the firm in May from trading securities and other market activities.

    In 2024-25, Fintrac issued 23 violation notices to business that didn’t comply. It was the largest number of notices issued in one year in its history and amounted to more than $25 million in penalties. Fintrac has imposed more than 150 penalties since it received the legislative authority to do so in 2008.

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  • Bitcoin’s Next Bull Phase Could Be Near As BTC-Stablecoin Ratio Plummets

    As Bitcoin (BTC) continues to trade in the high $100,000 range following the October 9 crypto market crash, some bullish signs are starting to emerge. Notably, stablecoin reserves on leading crypto exchanges like Binance are entering all-time high (ATH) territory, hinting at a potential rally for BTC.

    Stablecoin Reserves Rise – Will Bitcoin Benefit?

    According to a CryptoQuant Quicktake post by contributor PelinayPA, Binance stablecoin reserves are approaching ATH levels, indicating that investors are ready to deploy funds to accumulate BTC at current or lower levels.

    Related Reading

    The CryptoQuant analyst highlighted the rapidly falling Bitcoin-Stablecoin Ratio (ESR). For the uninitiated, the ESR measures the proportion of Bitcoin reserves to stablecoin reserves on exchanges like Binance.

    The ratio also gives hints about the market’s potential buying power and selling pressure. Past data shows that whenever the ESR falls sharply during market volatility, BTC’s price tends to surge.

    Essentially, a declining ESR means that stablecoin reserves are growing in comparison to BTC reserves on exchanges. This shows an increase in available “dry powder” on exchanges, which can quickly be used to buy more BTC and initiate another bull rally.

    Conversely, when the ESR rises, it means that stablecoin reserves are falling while BTC supply on exchanges is increasing. This points toward an increase in short-term selling pressure as traders deposit BTC to exchanges to sell.

    Currently, the ESR has fallen to historically low levels, implying that Binance holds relatively large stablecoin reserves compared to BTC reserves. According to PelinayPA, such a setup can have two interpretations:

    In a positive scenario, the abundance of stablecoins suggests significant latent buying power. If market confidence returns, this could trigger a strong wave of buying pressure and mark the start of a new bullish phase.

    Meanwhile, the negative scenario assumes that this liquidity would remain inactive, reflecting investor hesitation and a market in standby mode after the recent bloodbath that resulted in liquidations worth $19 billion.

    Source: CryptoQuant

    Will The Gold Rotation Help BTC?

    Following the crypto market crash earlier this month, which sent BTC from an ATH of more than $126,000 all the way down to $102,000, several whales faced liquidations. Despite the crash, some analysts are confident that the BTC top is not in yet.

    Related Reading

    One of the factors that can significantly benefit BTC in the near term is the capital rotation from gold to the digital asset. In a new report, Bitwise predicted that capital rotation from gold into BTC could propel it to $242,000.

    That said, veteran trader Peter Brandt recently forecasted that BTC could crash 50% from current price levels. At press time, BTC trades at $108,268, down 0.3% in the past 24 hours.

    bitcoin
    Bitcoin trades at $108,268 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, charts from CryptoQuant and TradingView.com

    Ash Tiwari

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  • US Crypto Activity Explodes by 50% in 2025 Amid Trump’s Regulatory Pullback

    Crypto activity in the United States skyrocketed in the first half of the year, apparently propelled by President Donald Trump’s controversial personal and regulatory embrace of the digital asset space.

    New analysis from the blockchain intelligence firm TRM Labs indicates crypto transaction volume in the US topped $1 trillion between January and July of this year, a 50% increase compared to the same period in 2024. TRM notes that crypto firms witnessed a 30% increase in US web traffic in the six months following the 2024 election.

    “What distinguishes this year’s surge is not just the magnitude, but the context,” TRM Labs says in its report. “Our analysis suggests that the growth that began organically in 2023 and 2024 has been reinforced and accelerated by a combination of political, regulatory, and structural factors.”

    After making grand promises to the digital asset world in a bid to secure donations during his 2024 campaign, Trump appointed the venture capitalist David Sacks to serve as the White House’s “Crypto and AI Czar.” He also signed an executive order establishing a “Working Group on Digital Asset Markets” and installed a pro-crypto chairman of the Securities and Exchange Commission.

    The SEC ended a slew of legal battles that were kicked off against crypto firms during the Biden Administration and in August launched “Project Crypto,” a roadmap designed to make the US “the crypto capital of the world.” Trump’s Department of Justice also announced in April that it would pull back on crypto enforcement actions.

    In July, Trump signed the GENIUS Act into law, establishing liquid reserve requirements for stablecoins, digital assets that aim to stay pegged to a fixed price point, usually the US dollar. Stablecoin transaction volume rose 83% between July 2024 and July 2025, according to TRM Labs.

    The president has also made moves to profit personally from digital assets, launching the “Official Trump” memecoin days before he took office. The move was decried by government watchdogs and even some prominent personalities in the crypto sector, with Ethereum founder Vitalik Buterin arguing that political coins represented “vehicles for unlimited political bribery.” The Trump memecoin briefly surged in price around the inauguration but is now more than 92% down from an all-time high set in January.

    The president and his sons also co-founded the decentralized finance project World Liberty Financial, a venture that’s generated $5 billion in hypothetical wealth for the Trump family, according to a Wall Street Journal report.

    Conor King Devitt

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  • North Korea has stolen billions in cryptocurrency and tech firm salaries, report says

    WASHINGTON — WASHINGTON (AP) — North Korean hackers have pilfered billions of dollars by breaking into cryptocurrency exchanges and creating fake identities to get remote tech jobs at foreign companies, according to an international report on North Korea’s cyber capabilities.

    Officials in Pyongyang orchestrated the clandestine work to finance research and development of nuclear arms, the authors of the 138-page report found. The review was published by the Multilateral Sanctions Monitoring Team, a group that includes the U.S. and 10 allies and was set up last year to observe North Korea’s compliance with U.N. sanctions.

    North Korea also has used cryptocurrency to launder money and make military purchases to evade international sanctions tied to its nuclear program, the report said. It detailed how hackers working for North Korea have targeted foreign businesses and organizations with malware designed to disrupt networks and steal sensitive data.

    Despite its small size and isolation, North Korea has heavily invested in offensive cyber capabilities and now rivals China and Russia when it comes to the sophistication and capabilities of its hackers, posing a significant threat to foreign governments, businesses and individuals, the investigators concluded.

    Unlike China, Russia and Iran, North Korea has focused much of its cyber capabilities to fund its government, using cyberattacks and fake workers to steal and defraud companies and organizations elsewhere in the world.

    Aided in part by allies in Russia and China, North Korea’s cyber actions have “been directly linked to the destruction of physical computer equipment, endangerment of human lives, private citizens’ loss of assets and property, and funding for the DPRK’s unlawful weapons of mass destruction and ballistic missile programs,” the report said, using the acronym for North Korea’s official name, the Democratic People’s Republic of Korea.

    The monitoring group is made up of the U.S., Australia, Canada, France, Germany, Italy, Japan, the Netherlands, New Zealand, South Korea and the United Kingdom. It was created last year after Russia vetoed a resolution directing a U.N. Security Council panel of experts to monitor Pyongyang’s activities. The team’s first report, issued in May, looked at North Korea’s military support for Russia.

    Earlier this year, hackers linked to North Korea carried out one of the largest crypto heists ever, stealing $1.5 billion worth of ethereum from Bybit. The FBI later linked the theft to a group of hackers working for the North Korean intelligence service.

    Federal authorities also have alleged that thousands of IT workers employed by U.S. companies were actually North Koreans using assumed identities to land remote work. The workers gained access to internal systems and funneled their salaries back to North Korea’s government. In some cases, the workers held several remote jobs at the same time.

    A message left with North Korea’s mission to the U.N. was not immediately returned on Wednesday.

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  • Melania Trump Memecoin Sparks Lawsuit Over Alleged Scam

    When the Melania token launched in January, Donald Trump’s supporters and speculative crypto investors were quick to hop on board, quickly taking the memecoin to an all-time high of $13.73 and a market cap over $2 billion. Today, the token trades for less than a dime and its market cap is about $84.8 million. A lawsuit alleges the backers of that coin launched it as part of a fraud campaign meant to enrich only themselves.

    The accusation was made Tuesday in an amended complaint to a class action suit against Benjamin Chow, co-founder of Meteora (a crypto exchange), and Hayden Davis, Gideon Davis, and Charles Thomas Davis of venture capital firm Kelsier Labs, in the U.S. District Court in the Southern District of New York. The defendants are accused of running a massive pump and dump scheme with at least 15 crypto coins, including $MELANIA.

    The suit alleges Melania Trump was used as “window dressing for a crime engineered by Meteora and Kelsier.”

    “Neither Melania Trump nor her representatives knew the project was part of a systemic fraud, and they would not have agreed to any use of her name had they known the truth,” the suit reads.

    Neither the White House, Meteora, nor Kelsier Labs responded immediately to requests for comment about the lawsuit. We will update the article if they respond.

    Here’s what to know.

    What is the lawsuit alleging?

    The court filing alleges executives at Meteora and Kelsier, through a network of crypto wallets, held roughly one-third of the entire $MELANIA supply before the memecoin began trading publicly. They then allegedly began actively promoting it with paid promotions, influencer posts, and other events. The “official” label on the token further stoked public interest, the suit says.

    “In truth, the insiders had already cornered the market before a single public buyer could act,” the suit reads. “The use of the Melania name completed the illusion. The branding suggested oversight and endorsement by a prominent public figure, neutralizing investor skepticism. In this way, the enterprise weaponized fame to disarm diligence.”

    Within hours, the $MELANIA token boasted a market cap of tens of millions of dollars. The suit alleges the defendants sold off tokens as the price rose, making millions of dollars in profit within hours.

    The defendants are accused of running a similar play with several other tokens. “$MELANIA’s story, though cloaked in celebrity glamour, was just another chapter in a single, unbroken enterprise designed to extract value under the pretense of innovation and credibility,” the filing reads.

    Are these criminal charges?

    No. The suit is a civil class action suit brought on behalf of investors. To date, there have been no criminal charges brought against any of the defendants. There has also been no action filed against them by the Securities and Exchange Commission or Justice Department, both of which remain closed due to the ongoing government shutdown.

    Is the Melania Trump memecoin still being traded?

    Technically, it is. But because the token has lost 99 percent of its value, there aren’t a lot of investors paying much attention to it these days.

    Is Melania Trump being sued?

    No. Although celebrities such as Linday Lohan or Jake Paul have been sued for promoting cryptocurrencies (for not disclosing they were being paid to do so), the filing is very direct in clearing up any questions about the first lady’s possible involvement in an alleged rug pull. “Melania Trump’s team, to the extent it granted any permission, did so without knowledge of the fraud, the insider rigging, or the deceptive launch mechanics,” reads the suit. “Had they been aware that the project was part of a coordinated criminal scheme, they would have rescinded any consent immediately.”

    Trump’s involvement is different than that of celebrities such as Linday Lohan or Jake Paul, who were sued for promoting cryptocurrencies without disclosing they were being paid to do so.

    The Trump family, however, has been criticized for its deep involvement in the crypto world, which some have called a conflict of interest, given Donald Trump’s influence. The Trump family is estimated to have made more than $1 billion from crypto ventures since Trump took office in January.

    Will Melania Trump memecoin investors receive some sort of compensation?

    That remains to be seen. The case seeks an order compelling the defendants to hand over all of the money gained through the launch of the $MELANIA and other tokens along with compensatory and statutory damages. If the defendants settle or are found liable, though, it’s unknown much that will amount to—or what will be left for investors after legal fees.

    Chris Morris

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  • Senate Democrats demand top Trump advisor Steve Witkoff provide details on crypto investments, lack of divestment | Fortune Crypto

    Senate Democrats sent Steve Witkoff, President Donald Trump’s special envoy to the Middle East, a letter Wednesday calling for more details about his personal crypto interests. Led by Sen. Adam Schiff (D—Calif.), eight senators demanded Witkoff to explain why his latest ethics disclosure showed he still owned stakes in a Trump-linked cryptocurrency as well as other crypto business entities.

    “Your failure to divest your ownership in these assets raises serious questions about your compliance with federal ethics laws and, more importantly, ability to serve the American people over your own financial interests,” wrote the senators. 

    World Liberty Financial, the crypto business Witkoff cofounded with the President in 2024, said in May that the special envoy was in “the process of fully divesting” from the project. Witkoff has since divested a $120 million stake in his real estate company but hasn’t yet sold his crypto holdings, according to his most recent ethics disclosure, dated Aug. 13.

    The Trump advisor still owns cryptocurrency for World Liberty Financial as well as shares in WC Digital Fi LLC, an entity mentioned in World Liberty Financial’s documentation as “an affiliate of Steve Witkoff and certain of his family members.” And, as of August, the special envoy held portions of two other seemingly crypto-related businesses: WC Digital SC LLC and SC Financial Technologies LLC.

    Senate Democrats claimed that Witkoff’s ongoing business interests in crypto raise potential conflicts of interest, as his role as top diplomat in the Middle East allegedly overlaps with World Liberty Financial’s business ties to the U.A.E.

    Spokespeople for World Liberty Financial and the White House did not immediately respond to a request for comment.

    Two deals

    The inquiry into Witkoff’s business holdings comes one month after The New York Times published an investigation into how his involvement in a multibillion-dollar AI deal between the U.S. government and the U.A.E came at the same time that World Liberty Financial was negotiating its own multibillion-dollar deal with an Emirati state venture firm.

    In May, the U.S. signed an agreement with the U.A.E. to build the largest AI campus outside the States. Two weeks earlier, World Liberty Financial announced that a $2 billion investment from the Emirati state investment company MGX into the crypto exchange Binance was paid in World Liberty Financial’s stablecoin, USD1. 

    Stablecoins are cryptocurrencies pegged to underlying assets like the U.S. dollar. The deal with MGX and Binance not only made USD1 one of the largest stablecoins by market capitalization but also set World Liberty Financial up to reap potentially tens of millions of dollars in interest from the assets backing the $2 billion in stablecoins it had just issued. 

    The timing of the two deals has alarmed Democrats. Shortly after The New York Times published its investigation, two senators asked inspectors general to investigate whether there was an ethics violation. 

    Wednesday’s letter has a broader array of signatories from senators beyond Schiff, including Ron Wyden (D—Ore.), Andy Kim (D—N.J.), Richard Durbin (D—Ill.), Catherine Cortez Masto (D—Nev.), Gary Peters (D—Mich.), Elissa Slotkin (D—N.Y.), and Cory Booker (D—N.J.).

    They asked Witkoff for a response by Oct. 31.

    On the new Fortune Crypto Playbook vodcast, Fortune’s senior crypto experts decode the biggest forces shaping crypto today. Watch or listen now

    Ben Weiss

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  • Melania Trump Used as ‘Window-Dressing’ in Elaborate Memecoin Fraud, Legal Filing Claims

    A cryptocurrency promoted in January by US first lady Melania Trump was part of a sophisticated fraud that “leveraged celebrity association and ‘borrowed fame’ to sell legitimacy to unsuspecting investors,” a new legal filing has alleged.

    In April, crypto investors brought a federal class action lawsuit against Benjamin Chow, cofounder of crypto exchange Meteora, and Hayden Davis, cofounder of crypto venture capital firm Kelsier Labs, among other defendants, accusing them of a multimillion-dollar fraud involving a single memecoin, $M3M3.

    Later, the plaintiffs filed an amended complaint, expanding the allegations to include racketeering activity. They claimed the pair had colluded to rig the market for $LIBRA, a coin promoted by Javier Milei, president of Argentina, which collapsed in value shortly after launch.

    On Tuesday, the plaintiffs sought the court’s permission to file yet another amended complaint, based on alleged information provided by an anonymous whistleblower. With Chow acting as the “commander,” the pair launched, pumped, and dumped at least 15 crypto coins, the proposed second amended complaint alleges, including $MELANIA. The scheme allegedly inflicted millions of dollars in losses on unwitting investors.

    Trump, who is not a named defendant in the lawsuit, was used as “window dressing for a crime engineered by Meteora and Kelsier,” the proposed second amended complaint alleges. The filing further states that the plaintiffs do not allege that Trump or Milei “operated the scheme.”

    “This case could clarify basic expectations for token launches and disclosures in the US. We understand many across the crypto industry and regulatory community are following closely,” says Max Burwick, senior managing partner at Burwick Law, the law firm representing the plaintiffs.

    The White House, Chow, and Davis did not respond immediately to requests for comment.

    By the time Chow and Davis launched $MELANIA in January, they had refined a “repeatable six-step ‘playbook’ for pump-and-dump fraud,” the investors claim.

    According to the proposed second amended complaint, Meteora controls the technical infrastructure, while Kelsier supplies the necessary capital and orchestrates the promotional campaign, leaning heavily on credibility borrowed from public figures or brands. Together, the filing alleges, they effectively control a network of “sniper” crypto wallets that snatch up large quantities of the coins at artificially discounted prices, then dump them on the market as regular investors pile in.

    “Going to try to tell all my buddies early,” Davis told an acquaintance prior to the $MELANIA launch, in a private exchange that features in redacted form as an exhibit in the lawsuit. “I’m about to launch the biggest token ever lol.” (It’s unclear whether Davis was allegedly referring to $MELANIA or $LIBRA.)

    Joel Khalili

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  • Bitcoin Enters ‘Disbelief Phase’ – Could Short Sellers Face The Next Squeeze?

    After the massive crash on October 10 – which saw Bitcoin (BTC) touch $102,000 before recovering some losses – some analysts now predict that the top cryptocurrency may be on the verge of another bullish rally as it enters the ‘disbelief phase.’

    Bitcoin In Disbelief Phase – Trouble For Bears?

    According to a CryptoQuant Quicktake post by contributor Darkfost, Bitcoin appears to be entering the disbelief phase, which increases the possibility of a rebound to the upside. The contributor emphasized the slightly negative funding rate to support their analysis.

    Related Reading

    For the uninitiated, the Bitcoin disbelief phase occurs when a new uptrend begins, but most investors remain skeptical after a recent correction, doubting that the recovery is real. During this phase, lingering bearish sentiment and short positions often act as fuel for a stronger rally once confidence returns.

    Darkfost stated that investors’ skepticism toward BTC returning to bullish mode can be gauged through BTC funding rates in the derivatives market. Funding rates remained negative at -0.004% on the exchange for six out of seven days over the past week, indicating traders are still slightly bearish.

    Source: CryptoQuant

    The likely reason behind traders’ short bias is the October 10 crypto market crash that led to a liquidation worth $19 billion. Since then, traders have consistently chosen to short the market instead of getting trapped in another price pullback.

    However, the longer BTC remains in the disbelief phase, the stronger the potential for an explosive upside move becomes. Darkfost added:

    If the current uptrend continues to establish itself, the growing pile of short positions against it could become a powerful fuel for the next leg higher. As these shorts get liquidated, it would drive prices upward, triggering a short squeeze.

    If a short squeeze happens, then BTC could quickly rally to major liquidity zones around $113,000 level, and even as high as $126,000 region, where significant short orders liquidations are clustered.

    The analyst shared two previous instance where such a pattern played out. In September 2024, BTC fell to $54,000 before surging to a new all-time high beyond $100,000.

    Similarly, in April 2025, the flagship digital asset rallied from $85,000 to $111,000, before climbing even higher to $123,000. To conclude, the Bitcoin market may be on the verge of another short squeeze, fueled by investors’ skepticism.

    BTC Investors Need To Be Cautious

    Although BTC is giving hints of a looming short squeeze, investors should still exercise some caution before entering the market in hopes of an instant turnaround in sentiment. For example, Bitcoin activity recently slumped below its 365-day average, raising fears of a loss of momentum.

    Related Reading

    That said, some crypto analysts forecast that BTC is likely done with the price correction and is set to surge in the coming days. At press time, BTC trades at $110,814, up 2.8% in the past 24 hours.

    bitcoin
    Bitcoin trades at $110,814 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, charts from CryptoQuant and TradingView.com

    Ash Tiwari

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  • Bitcoin Holding Above Gaussian Channel, Bull Market Structure Still Intact

    Bitcoin is trading around $107,000 after its recent flash crash, maintaining stability to prevent further decline but is yet to return to trading above $110,000. Notably, popular crypto analyst Titan of Crypto shared a detailed Gaussian Channel analysis on X that points to Bitcoin’s macro bull structure remaining intact despite short-term volatility. His post, which was accompanied by a Bitcoin price chart, shows how Bitcoin’s position relative to the Gaussian Channel offers a clear view of the ongoing cycle.

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    Bull Market Intact Above Gaussian Channel

    Titan of Crypto noted that Bitcoin’s placement above the Gaussian Channel represents strength in the long-term trend. As shown in the weekly candlestick price chart below, the green channel corresponds to bullish phases, while red regions represent bearish downturns, a prime example being the 2022 bear market. 

    At the time of writing, the upper band is positioned around $101,300 and trending upward. Therefore, Bitcoin’s price action around $107,000 means that it is yet to break into the Gaussian channel and its overall market structure is still solid. From this, it can be inferred that Bitcoin’s current pullback from the October 6 all-time high above $126,000 is only a temporary pause within a larger bull market.

    Bitcoin Gaussian Channel. Source: Titan of Crypto on X

    However, although the Gaussian Channel reading looks favorable, Titan of Crypto noted that the indicator should not be treated as a trading trigger. “It’s not a buy signal, it’s a macro context indicator,” he stated. Being above the Gaussian Channel doesn’t necessarily equate to buying more. It simply means the bull market structure is still intact. 

    The Gaussian Channel works best when combined with other indicators such as trading volume, moving averages, and on-chain accumulation trends to confirm directional momentum.

    BTCUSD currently trading at $108,099. Chart: TradingView

    Coinbase Premium Gap Turns Red

    Speaking of other indicators, on-chain data from CryptoQuant shows that the Coinbase Premium Gap, a metric comparing Bitcoin’s price on Coinbase versus other exchanges, has turned red. As shown in the chart below, Coinbase’s Premium Gap went on a sharp decline from positive premium levels above +60 earlier in the week to as low as -40 when the Bitcoin price fell to $101,000.

    Bitcoin: Coinbase Premium Gap

    Interestingly, the Coinbase Premium Gap has increased to around -10 at the time of writing, meaning US investors are starting to turn bullish again. This can be seen as a bullish signal, as similar dips in US demand were recorded between March and April before the Bitcoin price eventually rallied more than 60% to reach new all-time highs.

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    However, a red Coinbase Premium Gap alone is not decisive. It should be interpreted alongside other data points, including ETF inflows, trading volume, liquidity, and derivatives funding rates. At the time of writing, Bitcoin was trading at $107,120.

    Featured image from Vecteezy, chart from TradingView

    Scott Matherson

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  • XRP Wallets Holding Over 10,000 Tokens Hit Record High Amid Price Recovery

    XRP has shown some signs of recovery over the past 48 hours, climbing about 5.3 % from its recent low, according to on-chain analytics platform Santiment. The rebound comes as investor confidence appears to be returning, as it coincides with a steady rise in mid to large-sized XRP holders. Particularly, on-chain data shows that the XRP ecosystem now has more than 317,500 wallets holding at least 10,000 XRP tokens for the first time in its history.

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    Mid To Large XRP Holders Reach Record 317,500 Wallets

    Despite XRP’s recent price woes alongside the rest of the crypto market, on-chain data shows that XRP’s holder base is increasing among crypto investors. Notably, Santiment’s latest data shows that the number of XRP wallets holding at least 10,000 tokens has reached an all-time high of approximately 317,500. 

    Santiment’s data chart, as shown below, indicates that XRP’s network has added approximately 1.8% more wallets holding 10,000 or more tokens in just the last thirty days. Interestingly, Santiment’s data further shows that the upward slope of this metric has been consistent throughout 2025.

    The increase in mid-sized and large wallet count shows that many XRP investors are not concerned about the recent price dips. Instead, many of them are taking advantage of lower prices to strengthen their holdings. As such, a growing segment of investors are buying XRP for long-term gains rather than short-term price action.

    XRP, which is currently hovering around the $2.35 range, may benefit from this growing base of committed holders in the long term. Its price trajectory now depends on its ability to sustain momentum above $2.3. If the bullish on-chain sentiment translates into consistent buy pressure, XRP could extend its rebound and target at least $2.8 before the end of the week.

    XRPUSD now trading at $2.32. Chart: TradingView

    However, if momentum stalls, the price may enter another downward phase before an upward move. Nonetheless, the record growth in wallets holding over 10,000 XRP provides a strong long-term foundation that may support the cryptocurrency’s value in the coming weeks.

    Number of 10K+ XRP Wallets. Source: Santiment

    Ripple’s Acquisition Of GTreasury Adds Institutional Momentum

    Ripple Labs, the company behind XRP, recently announced the acquisition of GTreasury for $1 billion, making this its third-biggest deal in 2025. The deal will bring GTreasury’s treasury-management software, used by global corporations to manage liquidity, cash forecasting, payments and risk, into Ripple’s infrastructure suite.

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    GTreasury serves over 1,000 customers across about 160 countries and has more than 40 years’ experience in corporate treasury operations. The move gives Ripple immediate access to the multi-trillion-dollar corporate treasury market and large enterprise clients previously outside its direct reach. There are also reports that Ripple is planning to raise $1 billion to build an XRP treasury.

    At the time of writing, XRP was trading at $2.35.

    Featured image from Unsplash, chart from TradingView

    Scott Matherson

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  • Hackers Dox ICE, DHS, DOJ, and FBI Officials

    In a stunning new study, researchers at UC San Diego and the University of Maryland revealed this week that satellites are leaking a wealth of sensitive data completely unencrypted, from calls and text messages on T-Mobile to in-flight Wi-Fi browsing sessions, to military and police communications. And they did this with just $800 in off-the-shelf equipment.

    Face recognition systems are seemingly everywhere. But what happens when this surveillance and identification technology doesn’t recognize your face as a face? WIRED spoke with six people with facial differences who say flaws in these systems are preventing them from accessing essential services.

    Authorities in the United States and United Kingdom announced this week the seizure of nearly 130,000 bitcoins from an alleged Cambodian scam empire. At the time of the seizure, the cryptocurrency fortune was worth $15 billion—the most money of any type ever confiscated in the US.

    Control over a significant portion of US election infrastructure is now in the hands of a single former Republican operative, Scott Leiendecker, who just purchased voting machine company Dominion Voting Systems and owns Knowink, an electronic poll book firm. Election security experts are currently more baffled about the implications than worried about any possibility of foul play.

    While a new type of attack could let hackers steal two-factor authentication codes from Android phones, the biggest cybersecurity development of the week was the breach of security firm F5. The attack, which was carried out by a “sophisticated” threat actor reportedly linked to China, poses an “imminent threat” of breaches against government agencies and Fortune 500 companies. Finally, we sifted through the mess that is VPNs for iPhones and found the only three worth using.

    But that’s not all! Each week, we round up the security and privacy news we didn’t cover in depth ourselves. Click the headlines to read the full stories. And stay safe out there.

    In recent years, perhaps no single group of hackers has caused more mayhem than “the Com,” a loose collective of mostly cybercriminal gangs whose subgroups like Lapus$ and Scattered Spider have carried out cyberattacks and ransomware extortion operations targeting victims from MGM Casinos to Marks & Spencer grocery stores. Now they’ve turned their sites to US federal law enforcement.

    On Thursday, one member of the Com’s loose collective began posting to Telegram an array of federal officials’ identifying documents. One spreadsheet, according to 404 Media, contained what appeared to be personal information of 680 Department of Homeland Security officials, while another included personal info on 170 FBI officials, and yet another doxed 190 Department of Justice officials. The data in some cases included names, email addresses and phone numbers, and addresses—in some cases of officials’ homes rather than the location of their work. The user who released the data noted in their messages a statement from the DHS that Mexican cartels have offered thousands of dollars for identifying information on agents, apparently mocking this unverified claim.

    “Mexican Cartels hmu we dropping all the doxes wheres my 1m,” the user who released the files wrote, using the abbreviation for “hit me up” and seemingly demanding a million dollars. “I want my MONEY MEXICO.”

    Over the last year—at least—the FBI has operated a “secret” task force that may have worked to disrupt Russian ransomware gangs, according to reports published this week in France’s Le Monde and Germany’s Die Zeit. The publications allege that at the end of last year, the mysterious Group 78 presented its strategy to two different meetings of European officials, including law enforcement officials and those working in judicial services. Little is known about the group; however, its potentially controversial tactics appeared to spur typically tight-lipped European officials to speak out about Group 78’s existence and tactics.

    At the end of last year, according to the reports, Group 78 was focusing on the Russian-speaking Black Basta ransomware gang and outlined two approaches: running operations inside Russia to disrupt the gang’s members and try to get them to leave the country; and also to “manipulate” Russian authorities into prosecuting Black Basta members. Over the last few years, Western law enforcement officials have taken increasingly disruptive measures against Russian ransomware gangs—including infiltrating their technical infrastructure, trying to ruin their reputations, and issuing a wave of sanctions and arrest warrants—but taking covert action inside Russia against ransomware gangs would be unprecedented (at least in public knowledge). The Black Basta group has in recent months gone dormant after 200,000 of its internal messages were leaked and its alleged leader identified.

    Over the last few years, AI-powered license plate recognition cameras—which are placed at the side of the road or in cop cars—have gathered billions of images of people’s vehicles and their specific locations. The technology is a powerful surveillance tool that, unsurprisingly, has been adopted by law enforcement officials across the United States—raising questions about how access to the cameras and data can be abused by officials.

    This week, a letter by Senator Ron Wyden revealed that one division of ICE, the Secret Service, and criminal investigators at the Navy all had access to data from the cameras of Flock Safety. “I now believe that abuses of your product are not only likely but inevitable, and that Flock is unable and uninterested in preventing them,” Wyden’s letter addressed to Flock says. Wyden’s letter follows increasing reports that government agencies, including the CBP, had access to Flock’s 80,000 cameras. “In my view,” Wyden wrote, “local elected officials can best protect their constituents from the inevitable abuses of Flock cameras by removing Flock from their communities.”

    Andy Greenberg, Matt Burgess

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  • Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

    Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

    Ronaldo’s journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

    Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

    One of Ronaldo’s defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

    Ronaldo’s commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo’s writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

    Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

    However, Ronaldo’s aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

    Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

    With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

    Ronaldo Marquez

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  • Bitcoin Market Feels “Too Efficient” As Arbitrage Opportunities Vanish – What It Means For Price?

    As Bitcoin (BTC) tries to recover from its weekend sell-off that saw it almost crash to $100,000, some crypto analysts think that the BTC market likely “lost its pulse.” As a result, the leading cryptocurrency may be on the cusp of losing its bullish momentum.

    Bitcoin At The Risk Of Losing Momentum?

    According to a CryptoQuant Quicktake post by contributor TeddyVision, Bitcoin’s Inter-Exchange Flow Pulse (IFP) has been trending lower, confirming that inter-exchange activity is slowly fading.

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    For the uninitiated, the IFP measures liquidity as it moves between crypto exchanges. In essence, it can be considered a proxy to determine how active arbitrage and market-making really are.

    To explain, arbitrage refers to the practice of buying an asset for a lower price on one platform and selling it at a higher price on another, thus benefiting from the price differential. In simple terms, arbitrage refers to profiting from inefficiencies.

    When such inefficiencies exist in the market and are actually executable, liquidity tends to start moving fast. At the same time, trading bots begin shuttling funds across platforms, market spreads begin to realign again, and the market starts to feel “alive.”

    This is when the IFP rises. Although there is greater market volatility due to a rising IFP, it is generally considered healthy for the market as it confirms that BTC is likely experiencing a bullish momentum.

    However, since the IFP reading has turned lower in recent weeks, traders are finding it harder to arbitrage price discrepancies even though they might still be appearing. TeddyVision noted:

    Price discrepancies still appear, but they’re harder to arbitrage – liquidity is thinner, latency is higher, and risk-adjusted opportunities are drying up. Traders find fewer setups worth taking, and less capital circulates between venues.

    The analyst emphasized that liquidity is not leaving the market, it is just not circulating like earlier. While such a slowdown in liquidity does not crash the market, it does drain the energy out of it.

    Source: CryptoQuant

    To conclude, the market is not collapsing, it is just “too efficient” at the moment for traders to find any meaningful arbitrage opportunities that they can benefit from. When inefficiencies leave the market, the underlying asset is likely at risk of losing its momentum.

    A Healthy Correction For BTC?

    The market crash on October 9 led to the largest single-day liquidation ever in the history of the crypto industry, totalling a mammoth $19 billion. While the overall optimism has receded, some analysts are still hopeful of a quick sentiment turnaround.

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    Fellow crypto analyst EtherNasyonaL stated that BTC has maintained its upward trajectory despite the recent market crash, and that a move to a new all-time high (ATH) may be on the horizon. At press time, BTC trades at $111,731, down 2.3% in the past 24 hours.

    bitcoin
    Bitcoin trades at $111,731 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, charts from CryptoQuant and TradingView.com

    Ash Tiwari

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  • Feds Seize Record-Breaking $15 Billion in Bitcoin From Alleged Scam Empire

    “Chen Zhi was directly involved in managing the scam compounds and maintained records associated with each one, including records tracking profits from the scams that explicitly referenced ‘sha zhu,’ or pig-butchering,” the indictment claims, alleging there were also “ledgers of bribes to public officials.” One document allegedly held by Chen listed that two scam centers were equipped with 1,250 mobile phones that “controlled” 76,000 social media accounts. The indictment also claims that Chen held images demonstrating “Prince Group’s violent methods” against people who had been trafficked to the scam centers. The document includes images showing people bloodied and beaten.

    The seizure of 127,271 bitcoins worth more than $15 billion at the time they were confiscated represents by far the biggest monetary seizure in the US Justice Department’s history—not just of cryptocurrency, but of money of any kind. That US law enforcement record was previously set in 2022 with the seizure of 95,000 bitcoins worth $3.6 billion from a Manhattan couple who later pleaded guilty to stealing them from the Bitfinex exchange, and prior to that with a billion-dollar seizure in 2020 of bitcoins allegedly stolen from the Silk Road dark web drug market by an unnamed hacker. Meanwhile, police in the UK seized 61,000 bitcoins worth $6.7 billion in June from a Chinese woman accused of an investment scam, an even bigger sum than those US records but less than half the sum taken from the Prince Group operation.

    “It’s important to note that this seizure is extraordinary not only for its scale but for what it represents,” Ari Redbord, global head of policy at crypto-tracing firm TRM Labs, adding that the seizure is still a “small fraction” of the money generated by scam centers. “These are not isolated scams; they are factory-scale operations powered by forced labor, supercharged by the speed and scale of crypto, and connected through sophisticated money-laundering infrastructure that spans Cambodia, Myanmar, Laos, China, and beyond,” Redbord says.

    Redbord says the widespread action “strikes at the operational and financial core” of the widespread scam center ecosystem. In recent years, researchers tracking the scam compounds in Southeast Asia have seen them rapidly grow and use their illicitly gained money to invest in increasingly high-tech scam operations. Over the last two years, scam compounds have also been spotted emerging outside of Southeast Asia, with sites emerging in the Middle East, Eastern Europe, Latin America, and West Africa.

    “By targeting the financial architecture—the shell companies, banks, exchanges, and real estate that move and hide these proceeds—the US and UK are dismantling the economic engine that sustains these crimes,” Redbord says. “This is what a 21st-century counter-threat finance campaign looks like—coordinated, data-driven, and global.”

    Matt Burgess, Andy Greenberg

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  • Meet the MemeCoin Traders Risking Everything to Retire Their “Whole Bloodline”

    Attention has always been valuable but difficult to price. A blue check on Instagram promises credibility; a large follower count or a viral moment can open a world of opportunity. Attract as many eyeballs as you like, but there was never any way to cash in on the gaze itself. “So it’s just the next phase,” says Bark, a crypto influencer who, according to a woman who knows him, is running what amounts to “a full-blown cult” on X. (“Anything he tells his audience to do, they’ll do,” she says. “You make people money, they’ll worship you.”)

    “Having clout and followers and blue check marks had value, but there was no way you could put a dollar on it,” Bark continues. “Now we’re putting a dollar on it.”

    This may be why people who spend most of their time making products that live on the internet are drawn to the world of crypto, where even micro-influencers can create tokens tied to their online popularity.

    One such influencer is a guy called Fluffy, who, when I met him at Meme House LA, gave the impression of an ebullient, larger-than-life Nintendo Mario, dressed in red-and-white-striped overalls and a red cap. Fluffy has his own meme coin, which, he says, “is so stressful because my face is on it. If this coin goes bad, it ruins my whole persona in Web3.” When Fluffy starred in a commercial for a crypto company called Bullpen earlier this year, his token’s total value increased from $28,000 to $40,000 because, as he puts it, “people saw me as the commercial, they saw that I was actually putting in work trying to entertain the world, which correlated to the token getting bought, and that makes me feel good.”

    There is an annoying problem with the nature of attention, however. It tends to alight on the collective imagination with seemingly capricious randomness. But what if you could control where attention was headed next? This, in the view of Amy Street, a former kindergarten teacher who became a crypto influencer after flipping two NFTs for a combined $18,000, is the current trajectory. “I’m not in control of whether or not Elon Musk uses the phrase DOGE over and over again or if Labubus are cool in two months,” she says. “But I do control if I’m gonna get a tattoo of an eggplant on my stomach. And if there is money on the line, people are gonna do some crazy stuff. Bull runs create hunger for money, and people do crazy things and put up a lot of money.”

    That comment about the eggplant tattoo is something Street picked up from a crypto company she’s working with called Dare Market, which has yet to launch. The idea is in the name: a market of dares where people pay bounties that others cash in on by recording themselves performing crowdsourced challenges. These dares, according to the company’s founder, Isla Rose Perfito, a bubbly blond 29-year-old living in New York, could include things like breaking into a Scientology center, moving into a McDonald’s for 24 hours, and getting people to streak at the Super Bowl. “The goal,” says Perfito, “is to break the internet. It’s like Black Mirror/Jackass coded but still super relatable. It’ll give you the feeling that you can change the world and the adrenaline rush of driving a fast car.”

    Zoë Bernard

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  • Crypto Crash Prediction Comes True: Here’s What’s Next For Bitcoin And Ethereum

    The recent crypto market crash stunned investors across the globe, but one analyst saw it coming long before it happened. Bitcoin plunged from above $125,000 to briefly below $102,000, and Ethereum dropped to below $3,800, exactly as predicted by popular market commentator Ash Crypto earlier this month. 

    His October 1 post on X warned of a sharp correction meant to liquidate all the bulls before a major rebound in Q4. Now that the dip has played out exactly as he forecasted, Ash Crypto’s outlook for the coming weeks is a powerful rebound phase.

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    The Crash Prediction That Shook ‘Uptober’

    The sell-off that sent shockwaves through the industry is a quick change in sentiment after Bitcoin’s recent all-time high on October 6. Bitcoin’s decline from above $125,000 to below $110,000 caused widespread panic that flowed into other cryptocurrencies, while Ethereum followed with a sharp drop below $3,800. More than $19 billion in leveraged trades were liquidated across different exchanges in under a day, making it one of the largest wipeouts in crypto history.

    However, the timing of the crash aligned almost perfectly with a projection on the social media platform X by Ash Crypto. On October 1, Ash Crypto outlined what he called a “pump-then-dump setup” designed to trap overconfident bulls. In his post, he warned that early-month gains would bait retail traders into believing PUMPtober was real before the market reversed violently to shake them out.

    Notably, the analyst predicted that Bitcoin would dip to around $106,000 and Ethereum to $3,800 or lower before rebounding later in the month. According to him, this correction phase would run until mid-October, sometime around the 15th to 20th of October, before transitioning into a powerful recovery in the last ten days of the month.

    BTCUSD currently trading at $114,049. Chart: TradingView

    What Comes Next After The Drop?

    Ash Crypto’s call has proven accurate, especially against the backdrop of widespread ‘Uptober’ optimism that clouded judgment for many crypto traders. However, despite the predicted bearish move, the prediction post also carried a long-term sentiment that aligns with a bullish Uptober.

    He explained that once market sentiment turns overwhelmingly bearish and traders begin to assume PUMPtober is canceled, short positions will pile up. It is at this point that a reversal will begin in the final ten days of October, leading to what he described as Q4 parabolic candles.

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    Ash Crypto projected Bitcoin will reach between $150,000 and $180,000 by the end of the fourth quarter, while Ethereum will be trading anywhere in the $8,000 to $12,000 range. Following that move, he expects a full-fledged altcoin season that will cause the price of many altcoins to grow 10x to 50x in just a few months.

    At the time of writing, Bitcoin is trading at $114,049, and Ethereum is trading at $4,087.

    Featured image from Unsplash, chart from TradingView

    Scott Matherson

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  • Dogecoin Price: ‘$6.9 Is A Magnet’, Analyst Predicts

    Dogecoin has plunged violently over the past 24 hours, shedding a large chunk of its value in a brutal correction across the entire crypto market. What looked like a hold above $0.25 turned into a fast breakdown that dragged the Dogecoin price to as low as $0.148 within 24 hours.

    However, technical analysis from crypto analyst Kaleo shows Dogecoin is ready to hit new all-time highs. In a post on X, he doubled down on a remarkably bullish prediction, stating that $6.90 is a “magnet” for Dogecoin.

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    Dogecoin Chart Tells The Story

    In his post on the social media platform X, Kaleo noted how members of the crypto community are increasingly waking up to see how primed Dogecoin is to reach higher levels. The chart accompanying Kaleo’s post shows the historical pattern that Dogecoin has followed after previous Bitcoin halvings. 

    Each halving has always been followed by years of massive upside moves in Dogecoin’s price, with the meme coin breaking out of long-term descending resistance lines to record exponential gains. Examples shown in this chart are the 2017 and 2021 explosive price surges. 

    Kaleo suggested that the current market phase mirrors the same structure seen just before the 2021 bull run, when Dogecoin broke above a key lower-high resistance from its previous all-time high. This moment is illustrated on the chart with the label “We are here.”

    Dogecoin Price Chart. Source: @CryptoKaleo on X

    The $6.90 Magnet: Kaleo’s Logic Behind The Forecast

    Kaleo acknowledged that the projection of a $6.9 Dogecoin price target might sound a little too bullish, but his logic is based on the logic of market cap math. In his post, he explained that his projection for Bitcoin this cycle is to surpass $500,000. If Bitcoin surpasses $500,000 as expected, it would translate to a $10 trillion market capitalization. 

    This sheer amount of inflow would flow into the rest of the crypto market, and Dogecoin could theoretically reach 10% of Bitcoin’s valuation, just as it did during the 2021 mania. That ratio implies a $1 trillion market cap for Dogecoin, which is equivalent to a $6.94 price per token based on the current circulating supply. 

    Dogecoin’s recent price crash has complicated this bullish narrative. Instead of confirming an imminent breakout, the meme coin has fallen below the $0.25 support level. At the time of writing, Dogecoin is trading at $0.1971, down by 21.4% in the past 24 hours and having reached an intraday low of $0.1489.

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    The breakdown looks like the kind of market-wide liquidity flushes often seen before major reversals. Yet, it also risks extending Dogecoin’s bearish structure and delaying any breakout if the price fails to recover quickly. Right now, recovery above $0.25 is important for bulls to rebuild bullish momentum.

    Featured image from Unsplash, chart from TradingView

    Scott Matherson

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