Coin overview
J
Ended--
Last price (USDT)
491.27K
24h total (USDT)
1.05M
Total vol (USDT)
2025-01-15 15:00:00 ~ 2025-01-22 09:30:00
Trading time (UTC+0)
2025-01-22 11:00:00 ~ 2025-01-22 23:00:00
Delivery time (UTC+0)
Total supply1.00B
Resources
Introduction
Jambo is building a global on-chain mobile network, powered by the JamboPhone — a crypto-native mobile device starting at just $99. Jambo has onboarded millions on-chain, particularly in emerging markets, through earn opportunities, its dApp store, a multi-chain wallet, and more. Jambo’s hardware network, with 700,000+ mobile nodes across 120+ countries, enables the platform to launch new products that achieve instant decentralization and network effects. With this distributed hardware infrastructure, the next phase of Jambo encompasses next-generation DePIN use cases, including satellite connectivity, P2P networking, and more. At the heart of the Jambo economy is the Jambo Token ($J), a utility token that powers rewards, discounts, and payouts.
AI At The Top Of Investors' Priorities In 2025, According To JPMorgan
AI no longer charms, it captures. At the beginning of 2025, it establishes itself as the undisputed Eldorado of venture capital, absorbing the majority of technological funding, according to JPMorgan. This algorithmic rush driven by record valuations reflects a profound market shift, between excessive hopes and signs of saturation. Here is why this frenzy raises questions. In brief AI concentrated 60% of late-stage investments at the beginning of 2025, according to a J.P. Morgan report. AI startups raised up to seven times more capital with valuations up to 150% higher. Despite AI euphoria, overall venture capital is declining, reminiscent of the excesses seen around bitcoin. AI captures the bulk of venture capital investments at the start of 2025 Artificial intelligence no longer just headlines the news: it absorbs the majority of financial flows. In the first quarter of 2025, it rose to the top of the venture capital food chain, eclipsing other technological sectors. The J.P. Morgan Venture Beacon report presents this unprecedented concentration: AI companies accounted for nearly 60% of all late-stage investments. Excerpt from the JPMorgan Venture Beacon report . This shift towards AI is no coincidence: it reflects investors’ obsession with high-leverage technological narratives. But it also raises the question of a possible speculative bubble fueled by algorithmic promises. AI Startups: record valuations, high strategic expectations AI startups have taken the lead at the expense of non-AI projects. This preference resulted in particularly favorable financing conditions: Valuations 12% to over 150% higher in series rounds; Mega funding rounds reaching valuations 8.8 times higher than average; Record fundraising, with seven times more capital raised in AI projects. This level of financial exuberance crystallizes heavy expectations: automation, scalability, cross-sector disruption. But as rounds follow one another, founder dilution lessens, “pay-to-play” clauses multiply, and boards shrink. The market demands immediate and sustained returns from AI. A risky bet on a technology whose uses are still in the appropriation phase. The venture capital market shows signs of contraction This domination of AI in venture capital in Q1 2025 scarcely masks a structural slowdown in venture capital. Indeed, transaction sizes have dropped by up to 31%, and overall valuations have fallen by 37%. This paradox illustrates a system under strain: AI captures attention, but the overall market is faltering. This imbalance recalls the situation of bitcoin , which attracts massive capital during its bullish phases while coexisting with persistent distrust of the broader crypto ecosystem. Like BTC in 2021, AI today concentrates hopes and excesses. This refocusing exposes venture capital to volatility amplified by the homogeneity of financial bets. BTCUSD chart by TradingView The meteoric rise of AI attracts capital, but this concentration could lead to a speculative bubble similar to bitcoin’s. Meanwhile, Jamie Dimon, CEO of JPMorgan, criticizes the idea of storing bitcoin for national security, rather advocating for weapons . These divergences underline the uncertainty surrounding the sustainability of these technological investments.
Crypto-friendly legislator skips Bitcoin disclosure due date – Is the government ignoring it?
Key Points Pro-crypto lawmaker, Representative Brandon Gill, violated the disclosure deadline for his Bitcoin purchases. Despite a pro-crypto stance, American political leaders own less than $3 million of Bitcoin as of January 2025. Republican Texas lawmaker, Representative Brandon Gill, recently disclosed his Bitcoin (BTC) trades past the mandated deadline. According to a report, Gill purchased up to $500K worth of BTC in January and February, but disclosed these trades outside of the 45-day window required by the Stop Trading on Congressional Knowledge Act (STOP Act). Violation of the STOCK Act Interestingly, Gill isn’t the only one who has failed to comply with the STOCK Act. Over 62 representatives violated the disclosure law across stocks and digital assets in 2024, though they are only liable for a $200 fine. Low Crypto Exposure Among U.S. Lawmakers Despite the violations, around 19 politicians, mostly Republicans, own Bitcoin and crypto-related stocks, based on data from the past two years. Vice President J.D. Vance and Senator Dave McCormick are among the few who have disclosed crypto holdings, with McCormick reportedly owning $5 million worth of BTC. However, excluding McCormick, the total BTC owned by American political leaders was reported to be less than $3 million as of January 2025. This low exposure contrasts with the pro-crypto stance of many Republicans. Despite the risks associated with new technologies like Bitcoin and blockchain, Vance has expressed support for allowing them to develop and let the market decide their fate. Tags: Bitcoin (BTC)
Bitget Partners With University Of Zurich Blockchain Center, Providing Scholarships
Bitget, the leading cryptocurrency exchange and Web3 company, has announced a partnership with the University of Zurich, the world’s top #3 university (according to Coindesk’s 2021/22 rankings) for blockchain education. The exchange will sponsor the 6th edition of the International Summer School—Deep Dive into Blockchain 2025 program at the University of Zurich Blockchain Center (UZH BCC), offering scholarships and career opportunities to blockchain-curious students. It marks a new chapter in Bitget’s commitment to blockchain education and youth empowerment. Making Blockchain Education More Accessible The scholarship initiative is a part of Bitget’s broader $10M Blockchain4Youth (B4Y) program. It aims to make high-impact blockchain education more accessible to bright, motivated students, presenting them with wider opportunities. Deep Dive into Blockchain (DDiB) is the University of Zurich’s flagship international summer school. The Faculty of Business, Economics, and Informatics hosts it in collaboration with the Global Student Experience. The UZH Blockchain Center, under the academic leadership of its chairman, Prof. Dr Claudio J. Tessone, organizes this program. The three-week program offers an immersive, interdisciplinary exploration of blockchain from academic, technological, legal, and economic perspectives. “We are delighted to partner with Bitget for Deep Dive into Blockchain. Their support empowers the next generation of blockchain professionals by making education all around the globe more accessible. This collaboration reflects our shared vision of fostering innovation, diversity, and global talent in the Web3 space.” — Dr Claudio J. Tessone, Professor of Blockchain and Distributed Ledger Technologies, University of Zurich, and Director of Deep Dive into Blockchain. Funding Scholarships for up to 10 Students Education remains the most enduring bridge between innovation and understanding in an ecosystem often defined by its complexity and speed. Bitget believes in this thought. It is funding scholarships for up to 10 students who meet both the academic and financial criteria set by UZH. The Bitget Blockchain4Youth Scholarship is more than just a subsidy. It is a belief that the most capable minds, not just the most privileged, should build the future of blockchain. Each scholarship will fully cover tuition, accommodation, transportation within Zurich, and access to academic materials and site visits. It will also cover the participation in intercultural programs and events. This comprehensive support structure can empower students to focus not on logistics but on learning. Thus, they can walk away not only with a certificate but with a deeper perspective. “As someone who entered this industry from outside the traditional mold, I know what access and opportunity can unlock. This scholarship isn’t just about learning blockchain—it’s about equipping future leaders with the tools to question, to build, and to leave the space better than they found it. That’s the kind of legacy we want to help shape,” said Vugar Usi Zade, COO at Bitget. “As much as the world needs more developers, lawyers, or economists, it needs more cross-disciplinary thinkers who understand the full societal impact of blockchain,” he added. The 2025 program will also feature a masterclass by Bitget COO, Vugar Usi Zade, offering students firsthand insight from one of the industry’s leading operators. This academic-industry dialogue enables the long-term strategic partnership between Bitget and UZH, anchored in mutual goals of innovation, education, and responsible development. With this partnership, Bitget isn’t just funding education. It’s shaping the future of the industry. For more details and updates, visit the official program page here. About Bitget Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. It is serving over 100 million users in 150+ countries and regions. It aims to helping users trade smarter with its pioneering copy trading feature and other trading solutions. At the same time, it offers real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet. It offers an array of comprehensive Web3 solutions and features, including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist), and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.
Trump’s New Tariffs on Global Imports: Implications for Crypto Markets
Key Points: Trump enforces tariffs on 57 nations, impacting trade partners. Projected to generate $400 billion annually. Potential market volatility and reduced growth forecasted. Trump Imposes New Tariffs on Global Imports The new tariffs by President Trump could influence global trade stability, impacting various markets and economies due to increased costs on imports. In a strategic move, Donald Trump has intensified the U.S. trade policy by imposing tariffs of 10% or higher on imports. Key trade partners like China, Japan, and the EU are targeted, potentially shaking global economic relations. Trump’s administration is executing this policy, continuing his previous approach. Known for implementing tariffs during his earlier administration, Trump continues to employ trade measures to address economic strategies. The tariffs are projected to generate substantial revenue for the U.S. economy, estimated at $400 billion annually. J.P. Morgan Research noted the tariffs might cause the largest tax increase since 1968. Market analysts predict increased costs and volatility, reflecting past reactions to similar trade measures. “By our calculations, this takes the average effective tariff rate from around 10% to just over 23%…. These measures could boost PCE prices by 1–1.5% this year… the resulting hit to purchasing power could take real disposable personal income growth into negative territory in the second and third quarter.” — Michael Feroli, Chief U.S. Economist, J.P. Morgan According to the Penn Wharton Budget Model , the long-term effects include slower growth and potential inflation risks. Industry experts highlight potential financial repercussions, including increased PCE prices and reduced disposable income growth. Analysts anticipate that traditional and crypto markets might face heightened volatility due to these changes. Historical patterns reveal market unease during trade tensions, affecting asset classes globally. As the economic environment adjusts to these tariffs, investors may reevaluate their strategies amid uncertain market conditions.
Circle Upsizes IPO, Valuation Exceeds $6 Billion
Key Points: Circle and shareholders increased IPO size to 32 million shares. Price range adjusted to $27–$28 per share. Potential valuation exceeds $6 billion. Circle Upsizes IPO, Valuation Exceeds $6 Billion Circle Internet Financial upsized its initial public offering (IPO) to 32 million shares on June 2, 2025, increasing the price range to $27–$28 per share, potentially raising up to $896 million at a valuation exceeding $6 billion. Circle’s IPO expansion signifies growing investor demand and aligns with favorable regulatory conditions. This move likely encourages institutional participation in stablecoins, reinforcing support for the digital finance sector. Circle Internet Financial, a key player in digital assets, increased its IPO offering . Originally set at 24 million shares, the company and shareholders expanded to 32 million shares. This raises Circle’s potential proceeds to $896 million, with the valuation now topping $6 billion. Led by J.P. Morgan, Citigroup, and Goldman Sachs, Circle’s heightened IPO reflects a positive market outlook and substantial institutional interest. Changes signal an evolution in crypto finance perception, aligning with recent regulatory shifts and favorable policies. Circle’s move is impacting the crypto industry, as it could spur notable interest in stablecoins. USDC issuer’s actions highlight confidence in regulated digital assets. Market participants are seeing potential for increased adoption and integration into the financial system. This expansion aligns with previous attempts to list publicly. It is comparable to Coinbase’s 2021 direct listing, influencing crypto markets. Historical trends indicate potential benefits for associated assets, including USDC, which may see heightened focus as Circle’s key innovation. “Circle and its shareholders have increased the IPO size from 24 million shares to 32 million shares, raised the price range from $24 to $26 per share to $27 to $28 per share, and raised a maximum of $896 million, with a valuation of over $6 billion.” — Wu Blockchain, Industry Commentator, Twitter, June 2, 2025 Circle’s decision reflects strategic alignment with institutional and regulatory developments. The IPO is expected to strengthen Circle’s position in fintech and crypto markets. The outcome could enhance investors’ confidence in stablecoins, fostering broader acceptance and utilization.
Circle’s Ambitious $896M IPO Gains Momentum
Key Points: Circle increases IPO to 32 million shares. Targeted valuation set at $7.2 billion. USDC regulation boosts investor interest. Circle Internet Financial Plans $896 Million U.S. IPO on June 2, 2025 Circle Internet Financial, issuer of the USDC stablecoin , plans a U.S. IPO to raise $896 million on June 2, 2025. Circle’s IPO at $7.2 billion indicates strong stablecoin sector confidence, emphasizing regulatory influence. Circle Internet Financial dramatically increased its IPO goals, with plans to now raise $896 million at a $7.2 billion valuation. This expansion, from an original offering of 24 million shares, underscores substantial investor confidence in the stablecoin issuer. As Wu Blockchain, Financial Analyst noted: “Circle and its shareholders have increased the IPO size from 24 million shares to 32 million shares, raised the price range from $24 to $26 per share to $27 to $28 per share, and raised a maximum of $896 million, with a valuation of over $6 billion.” J.P. Morgan and Goldman Sachs lead a robust team of financial institutions managing the IPO. The share count has risen to 32 million, including contributions from existing shareholders. A revised price range now aligns between $27 and $28 per share. USDC adoption rises amid improved regulatory clarity , engaging institutional investors and enhancing Circle’s market position. This stability serves to drive higher stakes for participants monitoring crypto-financial products. Major financial bodies, including BlackRock, have shown substantial interest in Circle’s strategic direction. Experts believe the firm’s treasury returns have notably grown, reflecting a broader trend in stablecoin success. The postponed SPAC merger initially valued Circle at $9 billion. The current IPO underscores a measured response to dynamic market environments, ensuring rational expectations amidst an ever-evolving sector landscape.
'Truly infuriating': SEC technical briefing on crypto bill sparks blowback from House Democratic staff
Democratic staffers say they felt like the U.S. Securities and Exchange Commission was "trying to hide the ball" when asked technical questions about an upcoming cryptocurrency market structure bill, calling a recent phone call with agency staff the "worst technical assistance briefing" they had witnessed. Democratic staffers spoke freely at a press briefing on Tuesday — a day before the House Financial Services Committee is set to hold a hearing to discuss the bill known as The CLARITY Act — about a meeting that took place last week focused on significant qualms with the draft legislation. The staffers said people on the call representing the SEC were not able to answer simple questions and alluded to some information being privileged. They also said Republicans were provided with written technical assistance, which is routinely done between staffers and agencies when contemplating legislation, but they weren't. SEC staff who are subject matter experts are supposed to be involved in technical assistance briefings, but staffers said someone from the agency's newly created Crypto Task Force, legislative affairs folks, and someone from the office of general counsel were on the call. That is a "stark departure" from how those calls were done in the past, they said during the press conference. When asked by a reporter whether the SEC had been deliberately obstructing the staffers or merely incompetent, one staffer said it was hard to know. "Some of it did feel like they just didn't understand some of the basic questions," they said. Further, the Democratic aide claimed the SEC shared supposedly "privileged" information with Republicans. "That made it feel like they were trying to hide the ball." An SEC spokesperson said the agency does provide technical assistance. “The SEC provides technical assistance to any Member of Congress who seeks it, including on these crypto-related bills," an agency spokesperson told The Block in an email. The CLARITY Act The House Financial Services Committee, a pivotal congressional panel for advancing crypto bills, plans to hold a hearing this week to discuss a bill called the Digital Asset Market Clarity Act, known as CLARITY. Committee Chair French Hill, a Republican, introduced the 236-page bill last week, which looks to create a clear regulatory framework for crypto in part through designating how the SEC and the Commodity Futures Trading Commission will regulate. The bill also requires digital asset firms to provide disclosures to customers and segregate customer funds from their own. A few Democrats cosponsored the bill, including Reps. Angie Craig, Ritchie Torres, and Don Davis. The House Agriculture Committee is also holding a hearing on the bill on Wednesday. Meanwhile, top Democrat of the House Financial Services Committee Maxine Waters sent a letter to SEC Chair Paul Atkins asking him to respond to questions by June 6. "I believe that the current Commission’s expert analysis of the CLARITY Act and fulsome answers to the questions raised above are necessary for the American people, through their representatives in Congress, to determine whether this legislative proposal addresses the unique risks related to crypto, and would foster the needed environment for responsible innovation to take root," Waters wrote in the letter. Calls with the SEC and other agencies are common in both Republican and Democratic administrations, one Democratic staffer said. Those technical meetings are needed to help figure out what a bill does and can be anywhere from 30 minutes to three hours. The meeting held last week lasted one hour, according to staffers. "I've been doing these the whole time I've been on the Hill, which is a long time, and this was the worst call I've ever been on," a staffer said. "It was horrible. They did not have experts that understood the legislation on the phone." The staffer also said that people representing the SEC on the call did not read questions sent ahead of time, calling it "truly infuriating." Cracks are showing The market structure bill expands on legislative work done over the years, particularly on the Financial Innovation and Technology for the 21st Century Act (FIT21), which would have established a regulatory framework for digital assets and introduced consumer protections for investors. That bill passed out of the House last year with 71 Democrats in support, but ultimately didn't move forward. Waters had said FIT21 was one of the worst bills she's ever seen. Lawmakers, led by Republicans, have been pushing full steam ahead on bills to regulate crypto. The Senate voted to move forward with a bill to create a federal regulatory framework for stablecoins, which could be voted on again this week. Pressure to advance crypto legislation is coming from the top. President Donald Trump has said he wants a stablecoin bill on his desk by August, and last week, Vice President J.D. Vance urged action, warning that political roadblocks could send trillions of dollars offshore. However, the House Financial Services Committee has begun showing cracks in how it plans to approach crypto legislation. Last month, some Democrats, including Waters, boycotted a hearing and splintered off to lead a roundtable on "Trump's crypto corruption and conflicts of interest." Trump and his family have embraced digital assets, launching their own memecoins shortly before his 2025 inauguration and several other crypto efforts. His affiliated venture, World Liberty Financial, recently launched its own stablecoin while Trump Media is planning to build a multi-billion dollar Bitcoin treasury. Trump's crypto involvement will still be a "pretty tough hill to climb," a staffer said on Tuesday. Editor's note (June 3): Updated to include comments from the SEC.
Donald Trump Jr. Says Family Got Into Crypto After Being Debanked, Realizing Financial System Was ‘Pyramid Scheme’
The son of the President says that the Trump family went all-in on crypto out of necessity, not because it’s an emerging trend. In a new interview with CNBC, Donald J. Trump Jr., son of U.S. President Donald J. Trump, says the family got into crypto after being “ debanked ” in New York City for political reasons. “The reason we got into crypto and we’re all in on crypto and we’re doing American Bitcoin and we have World Liberty Finance and USD1 was because there was a time… where I could call any single banker in New York City, they’d pick up the phone [and] I’d be able to get a loan for whatever real estate project I was doing across the street. Then we got into politics, and all of a sudden, they wouldn’t take your call. You couldn’t get financing. We were debanked. And what I realized, and my brother realized because we were the recipients of every subpoena imaginable, was that, you know what? We were just the top of this sort of pyramid scheme that we didn’t realize we were a part of, that the financial system was totally undemocratized because we had a certain balance sheet…” After experiencing what the family believes was a political persecution, he says that the Trumps decided to turn to crypto as a way to avoid being “turned off” in the future. “The regular guy was messed up. Now we were all of a sudden in the shoes of the regular guy that wouldn’t be able to take advantage of the markets. And we said, what’s the solution for that? The answer is crypto. These decentralized platforms where you’re not beholden to this, where you create efficiencies. As a guy that did real estate, [I asked] why am I paying points in and out for title insurance? That could be done on the blockchain. So we got into crypto not because it was like, ‘hey, this is the next cool thing.’ We got into it out of necessity. We got into it because we understood just how quickly we could be turned off.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Generated Image: Midjourney
FTX Distributes $5 Billion Amid Recovery Efforts
Key Takeaways: Main event: $5 billion distribution led by John J. Ray III. Impacts major cryptocurrencies like SOL and SUI. FTX warns of phishing scams during payouts. FTX Distributes $5 Billion Amid Recovery Efforts FTX has initiated the distribution of over $5 billion to creditors, overseen by FTX Recovery Trust and administrator John J. Ray III, marking a significant phase in the company’s restructuring. FTX has started its second distribution round of more than $5 billion, managed by the FTX Recovery Trust and administrator John J. Ray III. This process aims to reimburse creditors following the company’s bankruptcy filings. John J. Ray III oversees these efforts as plan administrator. The company, under Chapter 11 bankruptcy supervision, is collaborating with BitGo and Kraken for payouts. Ray described the operation as a critical milestone in ensuring creditors receive compensation, stressing its unprecedented nature. Market reactions to the distribution could affect the liquidity of significant digital assets like SOL and SUI. This movement may reignite interest and market activity within the broader cryptocurrency domain. Financial impacts extend beyond individual payouts. It includes potential market fluctuations and the strategic handling of assets recovered from previous investments in major companies. FTX’s case, similar to the Mt. Gox scenario, offers insights into handling digital asset liquidation. The careful management of large crypto holdings underscores the challenges faced by those resolving major bankruptcies. Anticipated outcomes from this process include shifts in cryptocurrency holdings and regulatory scrutiny over large-scale digital asset transactions. The situation may set precedents for future insolvency cases in the industry. “These first non-convenience class distributions are an important milestone for FTX. The scope and magnitude of the FTX creditor base makes this an unprecedented distribution process, and today’s announcement reflects the outstanding success of the recovery and coordination efforts of our team of professionals.” – John J. Ray III, Plan Administrator, FTX Recovery Trust
Trump Media’s Stock Rises on Bitcoin Reserve Plans
Key Points: Trump Media plans a $2.5 billion Bitcoin reserve. Stock saw intraday prices rise by 12.41%. Higher trading volume signals increased investor interest. Trump Media & Technology Group’s Strategic Bitcoin Move The increase in Trump’s company’s stock price highlights investor excitement over its new Bitcoin strategy. This move aligns with Trump’s recent positive sentiments on cryptocurrency. Trump Media’s bold plan to create a $2.5 billion Bitcoin treasury incorporates large-scale financial strategies modeled after established crypto investors. The announcement notably increased market interest, partly due to the firm’s influential leadership under Donald J. Trump. Due to the lack of direct quotes, the information summarized reflects the current state of events and implications related to TMTG’s leadership and its financial strategies rather than attributable statements. The proposed Bitcoin reserve might affect cryptocurrency markets by bringing attention to Bitcoin-related stocks. Trump Media mirrored MicroStrategy’s earlier actions, which significantly impacted Bitcoin’s perception in corporate finance. Investor anticipation could lead to heightened market movements, especially surrounding Bitcoin purchases. Historical precedents show stocks positively reacting to strategic crypto investments, often resulting in volatility tied to Bitcoin trends. Potential outcomes include shifts in how businesses manage their treasury assets, preference for digital currencies, and increased regulatory scrutiny. Data from previous market actions predict similar volatility patterns following cryptocurrency transactions. Historical analysis reveals that such moves may encourage other corporations to explore digital assets as viable treasury options.
FTX Recovery Trust Initiates $5 Billion Second Round of Creditor Payments
The second FTX payout covers multiple claim classes with distributions ranging from 54% to 120%. Creditors must complete KYC, tax forms, and onboarding with Kraken or Bitgo to receive payments. Court rulings limit reimbursements to claim values at petition filing dates, excluding users in 163 countries. The FTX Recovery Trust began distributing $5 billion to eligible creditors on May 30, 2025. This marks the second round of payments under FTX’s Chapter 11 Plan of Reorganization. According to an official post on X, creditors in both Convenience and Non-Convenience Classes who completed pre-distribution requirements qualify for this payout. (1/3) FTX today announced that it has commenced the Second Distribution of more than $5 billion to holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes that have completed the pre-distribution requirements. — FTX (@FTX_Official) May 30, 2025 Distribution Details and Payout Percentages According to official statements, the second distribution covers several claim classes with varying reimbursement rates. Dotcom Customer Entitlement Claims receive 72% of their approved amounts. U.S. Customer Entitlement Claims will be paid at 54%. General Unsecured Claims and Digital Asset Loan Claims each receive 61%. Convenience Claims are reimbursed at a notably higher rate of 120%. These percentages follow the priority structure outlined in the bankruptcy plan. Payments will be processed through designated partners Kraken and Bitgo, with recipients expected to receive funds within one to three business days. FTX Creditor Breakdown FTX to pay $5bn on 30th May – most to large accounts Claims > $50k start to be paid out 72.5% petition value Claims >$50k: $10bn 11k claims Claims >$1m 1.1k claims Claims: $1m-$10m: Avg. acct size = $3m Claims: $10m+: Avg size: $29m Approx. numbers pic.twitter.com/tagHahQjdd — Sunil (FTX Creditor Champion) (@sunil_trades) May 29, 2025 To receive payments, creditors must complete specific steps before the distribution record date. Customers need to log in to the FTX Customer Portal to confirm claims. Completion of Know Your Customer (KYC) verification and submission of tax documents is mandatory. Additionally, onboarding with either Kraken or Bitgo is required to facilitate the transfer. FTX provides detailed onboarding instructions on its portal. This process ensures proper identification and compliance before funds release. Background on the First Distribution and Market Impact The initial creditor payout occurred on February 18, 2025, amounting to $1.2 billion. This round targeted creditors with claims below $50,000. Since the FTT token and FTX exchange collapse in November 2022, markets have closely watched these reimbursements. Liquidation of recovered assets could influence crypto prices and market volatility if converted to fiat or traded extensively. The reimbursement process has generated criticism among creditors and customers. Court rulings determined that reimbursements would be calculated based on claim values at petition filing dates. This approach resulted in creditors recovering only 10% to 25% of their holdings’ value. Furthermore, residents of 163 countries, including Egypt, Iran, Russia, and Pakistan, remain ineligible for payouts. These exclusions have caused frustration and concern among affected users. Advisories and Legal Oversight FTX cautions users to avoid phishing scams and fraudulent websites resembling official portals. The company will never request wallet connections during the process. U.S. Bankruptcy Court filings and related documents remain publicly accessible for transparency. Legal counsel for FTX includes Sullivan & Cromwell LLP, with Alvarez & Marsal and Perella Weinberg Partners providing financial and investment advisory support. John J. Ray III, FTX Recovery Trust Plan Administrator, emphasized the trust’s continued efforts to recover additional funds. The trust aims to resolve outstanding claims and facilitate future distributions as recovery proceeds. Upcoming payment dates and record dates will be announced accordingly to keep creditors informed throughout the process.
New York Police Officers Implicated in Crypto Trader Kidnapping Case
Two New York Police Department (NYPD) detectives have been placed on modified duty after being linked to a shocking case involving the alleged kidnapping and torture of a crypto trader in Manhattan. The incident, which has drawn national attention, raises serious questions about police conduct and the risks faced by individuals in the cryptocurrency industry. New: The NYPD stripped 2 detectives of their guns /badges & placed them on desk duty after the dept. learned they’d had been working security for William Duplessie & John Woeltz, the crypto investors recently arrested for allegedly kidnapping a man & torturing him. @CBSNewYork pic.twitter.com/BBsS9uVR2U — Tim McNicholas (@TimMcNicholas) May 29, 2025 According to reports from The New York Times and ABC11 , detective Roberto Cordero, a member of Mayor Eric Adams’ security detail, allegedly picked up the victim, Michael Valentino Teofrasto Carturan, from the airport and drove him to a Soho townhouse. There, Carturan claims he was held captive for 17 days, during which he was tortured in an attempt to force him to reveal the passphrase to his crypto wallet. Detective Raymond J. Low, who investigates narcotics cases, reportedly provided security at the townhouse while off-duty. Both officers have been reassigned to modified duties as the NYPD’s Internal Affairs division investigates their involvement. The department emphasized that officers are not permitted to work for private security firms without prior approval. Carturan, whose net worth is estimated at $30 million, alleges he was bound with electrical cords, electrocuted, and threatened with an electric chainsaw. The ordeal reportedly ended when he managed to escape on May 22, a date he was told would be his “death day.” Two men, John Woeltz—dubbed the “crypto king” of Kentucky—and Swiss national William Duplessie, co-founder of Pangea Blockchain Fund, have been charged with kidnapping and torture. Woeltz was indicted by a grand jury on May 29 and denied bail, while Duplessie awaits indictment. Both detectives have prior civilian complaints, including allegations of excessive force and abuse of authority. The NYPD and Mayor Adams’ office have expressed deep concern over the allegations, promising a thorough investigation. Notably, the New York Attorney General has urged Congress to enhance federal regulation of the cryptocurrency sector. This request stems from concerns about the potential for market manipulation, fraud, economic instability, and national security risks associated with unregulated digital assets . If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter , LinkedIn , Facebook , Instagram , and CoinMarketCap Community . “Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
FTX Starts $5B Distribution Using Stablecoins and Partners
FTX is distributing over $5B to creditors through BitGo and Kraken partnerships. Each class has a different recovery rate, but convenience claims are fully compensated. Payouts use stablecoin, giving creditors instant access and faster fund delivery. FTX has initiated the second phase of its payout, distributing over $5 billion to creditors with approved claims. The payments will be made through distribution partners BitGo and Kraken within one to three business days from the announcement. The recovery rates vary widely among creditor classes, reflecting the priorities in the court-approved Plan of Reorganization. Convenience claimants under Class 7 receive 120% of their claims, while other customer categories receive between 54% and 72%. (1/3) FTX today announced that it has commenced the Second Distribution of more than $5 billion to holders of allowed claims in the Plan’s Convenience and Non-Convenience Classes that have completed the pre-distribution requirements. — FTX (@FTX_Official) May 30, 2025 Varied Recovery Rates Follow Court-Ordered Hierarchy Permitted convenience claims, classified under Class 7, receive a distribution rate of 120%, exceeding the full claim amount. This rate contrasts with payouts to other creditor groups. Class 5A Dotcom Customer Entitlement Claims are receiving 72%, while Class 5B U.S. Customer Entitlement Claims stand at 54%. General Unsecured Claims (Class 6A) and Digital Asset Loan Claims (Class 6B) receive a 61% distribution rate. These differences align with the priority sequence outlined in the restructuring plan. John J. Ray III, Plan Administrator of the FTX Recovery Trust, said, “Today’s announcement represents continued progress returning cash to FTX’s customers and creditors. I am proud of the outstanding success of the recoveries to date. Our work continues on recovering more for creditors and resolving outstanding claims.” This statement underlines ongoing efforts to maximize returns for creditors. Asset Transactions Strengthen Repayment Potential Bloomberg reports that FTX has earmarked about $11.4 billion to settle creditor claims. At the time of declaring bankruptcy on November 2022, the figure was drawn from asset valuations. Recently, the estate could repay more money, as it used proceeds from asset sales of Robinhood, Anthropic and some cryptocurrency tokens, including Solana and Sui. Creditors will recover the value of their accounts as of the bankruptcy filing, regardless of subsequent market fluctuations. The payout mechanism primarily uses USDC and USDT stablecoins. This strategy reduces delays caused by traditional banking systems. Stablecoins enable immediate on-chain liquidity, letting creditors access funds instantly without waiting for standard clearing periods. Hence, this improves the speed and efficiency of distributions. Related: Circle Freezes $57M USDC Linked to Libra Token Scandal Customer Cautions and Security Measures FTX warns customers to avoid fraudulent websites and phishing scams impersonating legitimate channels. The company instructs users to rely exclusively on authorized distribution platforms and the official FTX Customer Portal. Customers should remain vigilant since the estate will never request payment details through email. This caution aims to safeguard creditors against scams amid the complex payout process. Sharing partnerships with Kraken and BitGo ensures payments are dealt with safely and promptly. Both sides handle big cryptocurrency transactions and meet all applicable rules and security measures. Hence, creditors may anticipate that their credit issues will be handled officially. The post FTX Starts $5B Distribution Using Stablecoins and Partners appeared first on Cryptotale.
J.D Vance Endorses Bitcoin, Predicts 100M US Crypto Adopters on Horizon
Key Points Vice President J.D. Vance endorses Bitcoin and cryptocurrencies as a safeguard against governmental and corporate issues, as well as inflation. Vance downplays the perceived threat of stablecoins to the U.S. dollar, calling them a ‘force multiplier’. U.S. Vice President J.D. Vance recently expressed support for Bitcoin and cryptocurrencies, describing them as a “genuine ground-up” innovation that positively impacts holders and users. Vance’s Keynote Address Speaking at the Bitcoin Conference in Las Vegas, Vance said, “50 million Americans own Bitcoin, and I believe that’s going to be 100 million before too long.” He also praised the influence of DeFi (decentralized finance), which is increasing financial inclusion among unbanked citizens. Vance emphasized the role of crypto as a safeguard against various issues, including governments. He acknowledged the conservative aspects of crypto, explaining its use as a hedge against poor governance, inflation, political persecution, and consumer discrimination. Crypto as a Hedge He further stated, “Crypto is a hedge against bad policymaking from Washington, no matter what party is in control. It’s a hedge against skyrocketing inflation, which has eroded the real savings rate of Americans.” To put things into perspective, Bitcoin’s annual inflation rate fell to 0.84% after the halving in April last year. This reduced the block rewards from 6.25 BTC to 3.125 BTC. The BTC issuance rate is expected to drop to 0.41% after the 2029 halving and fall to 0.05% by 2040. On the other hand, the U.S. inflation rate has hovered around 3.4%, with concerns about spending and fiscal debt ($36 trillion) potentially diluting USD-based savings and purchasing power. Vance also declared the Biden-era crypto-debanking (Operation ChokePoint 2.0) “dead” and mentioned the administration’s plans to establish regulatory clarity, particularly regarding stablecoins. “We do not think stablecoins threaten the integrity of the U.S dollar. Quite the opposite. In fact, we view them as a force multiplier of our economic might,” he stated. After the stablecoin bill, the GENIUS Act, is enacted into law, the focus will shift to the crypto market structure bill. Vance’s bullish stance on Bitcoin is not surprising, given that he is a known holder. According to CBS disclosure documents from 2024, Vance owned Bitcoin worth between $250k and $500k. Tags: Bitcoin (BTC)
New York police officers suspended after brutal kidnapping linked to cryptocurrency
NY Police Investigated Over Crypto Crime Crypto trader tortured in attempted digital theft SoHo kidnapping exposes risks in digital assets Two New York Police Department officers have been removed from their duties after being linked to a shocking cryptocurrency kidnapping and torture case in Manhattan’s SoHo neighborhood. The incident targeted Italian investor Michael Valentino Teofrasto Carturan, who was detained and beaten for three weeks in an attempt to extort his digital assets. NYC crypto kidnapping suspect to appear for court hearing @Christinafantv reports. https://t.co/0GmOHQiwKU — CBS New York (@CBSNewYork) May 30, 2025 Second According to The New York Times, police officer Roberto Cordero acted as a driver for the criminals, personally picking up the victim at the airport on May 6. Carturan was driven to a luxury home on Prince Street, where he was held captive and subjected to a series of physical and psychological abuses. The torture methods included the use of weapons, electric shocks, forced drugging and even threats with chainsaws. The attackers demanded the seed phrase for the victim's cryptocurrency wallet, whose fortune in digital assets was estimated at around US$30 million. Cordero is part of the NYPD's Executive Protection Unit, a team responsible for protecting officials such as the city's mayor. The second officer under investigation, Raymond J. Low, is said to have financial ties to the perpetrators of the crime, serving as private security for John Woeltz and William Duplessie — who are believed to be the main perpetrators of the crime. Court reports describe scenes of extreme violence during the kidnapping period, which ended only on May 22, when Carturan managed to escape. In his own words, that would be the date set by his kidnappers for his execution. Woeltz was arrested and denied bail of $2 million. Duplessie, a Swiss national and co-founder of the Pangea Blockchain Fund, turned himself in to authorities days later and remains in custody. In a statement, the City of New York said: “All City employees, including our police officers, are expected to uphold the law, both on and off duty. We are disturbed by these allegations and, as soon as we became aware of them, the officers were placed on modified duty.” Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss. Tags: Cops
PoS Staking Unshackles Regulatory Constraints, U.S. SEC States These Three Activities Do Not Constitute Securities Transactions
Original Article Link: Statement on Certain Protocol Staking Activities Original Article Author: U.S. SEC Original Article Translation: Felix, PANews The U.S. Securities and Exchange Commission (SEC) today issued a policy statement regarding PoS network staking activities, explicitly stating that three types of staking activities do not constitute securities issuance, including self-staking, third-party non-custodial staking, and compliant custodial staking. This statement aims to provide regulatory clarity to staking participants, supporting compliant participation in network consensus mechanisms. The following is the full statement: Introduction To clarify the applicability of federal securities laws to crypto assets, the Division of Corporate Finance has issued its views on certain activities called "staking" in networks that utilize a Proof-of-Stake ("PoS") consensus mechanism. Specifically, this statement addresses the equity staking of crypto assets inherently linked to the operation of public, permissionless networks, where these crypto assets are used to participate in and/or are awarded for participating in the consensus mechanisms of such networks or are used to maintain and/or are awarded for maintaining the technical operation and security of such networks. In this statement, we refer to these crypto assets as "Covered Crypto Assets" and the equity staking on PoS networks as "Protocol Staking." Protocol Staking Networks rely on cryptographic and economic mechanisms to reduce reliance on designated trusted intermediaries to validate network transactions and provide settlement assurances to users. Each network's operation is governed by an underlying software protocol, which is composed of computer code that programmatically enforces certain network rules, technical requirements, and reward allocations. Each protocol includes a "consensus mechanism," which is a method by which disparate computers (referred to as "nodes") comprising a distributed network reach agreement on the "state" of the network (i.e., an authoritative record of network address ownership balances, transactions, smart contract code, and other data). Public, permissionless networks allow users to participate in the operation of the network, including validating new transactions according to the network's consensus mechanism. Proof of Stake (PoS) is a consensus mechanism used to prove that the network operators (referred to as "validator operators") contributing to the network have made honest contributions, which could be slashed in case of dishonest behavior in some instances. In a PoS network, validator operators must stake the network's Covered Crypto Assets to be programmatically selected by the network's underlying software protocol to validate new data blocks and update the network state. Once selected, the validator operator acts as a "validator." As a reward for providing validation services, validators receive two types of "rewards": (1) newly minted (or created) Covered Crypto Assets programmatically allocated to validators by the network's underlying software protocol; and (2) a certain percentage of transaction fees paid by parties seeking to have transactions added to the network, paid in the form of Covered Crypto Assets. In a PoS network, node operators must stake or "stake" compliant cryptocurrency assets to qualify for validation and rewards, usually implemented through a smart contract. A smart contract is an automatically executed program that can perform the necessary operations for a transaction on the network. During the staking period, the compliant cryptocurrency assets are "locked" and cannot be transferred for the duration specified in the protocol. Validators do not own or control the staked cryptocurrency assets, meaning that during the staking period, ownership and control of the assets do not change. The underlying software protocol of each PoS network contains rules for running and maintaining the PoS network, including how validators are selected from node operators. Some protocols randomly select validators, while others use specific criteria to choose validators, such as based on the amount of cryptocurrency assets staked by the node operator. The protocol may also include rules designed to prevent harmful activities to the network's security and integrity, such as validating invalid blocks or double-spending (when a validator attempts to add the same transaction multiple times to the network). The protocol's staking rewards provide economic incentives for participants to use their compliant cryptocurrency assets to secure the PoS network and ensure its continued operation. Increasing the amount of compliant cryptocurrency assets staked can enhance the security of the PoS network and reduce the risk of an attacker controlling a significant portion of compliant cryptocurrency assets. If improperly controlled, an attacker could manipulate the PoS network by influencing transaction validation or altering transaction records. Users holding compliant cryptocurrency assets can earn rewards by acting as node operators and staking their own cryptocurrency assets. In self-staking (or solo staking), users always have ownership and control of their cryptocurrency assets and private keys. Additionally, users holding compliant cryptocurrency assets can participate in the validation process of the PoS network through third-party non-custodial staking without running their own nodes. Users delegate their validation rights to third-party node operators. When using a third party node operator, users receive a portion of the rewards, while the service provider also earns a portion of the rewards for their transaction validation services. When engaging in non-custodial staking directly through a third party, users retain ownership and control of their cryptocurrency assets and private keys. In addition to self-staking and direct non-custodial staking through a third party, the third form of protocol staking is known as "custodial" staking. In this form, a third party (the "custodian") holds the owner's cryptocurrency assets and stakes such assets on behalf of the owner. When the owner deposits the cryptocurrency assets with the custodian, the deposited assets are held in a digital "wallet" controlled by the custodian. The custodian stakes the cryptocurrency assets on behalf of the owner to receive a agreed-upon share of rewards, which can be in the form of a custodian-operated node or a third-party node operator selected by the custodian. Throughout the staking process, the deposited cryptocurrency assets are always under the custodian's control, while the owner retains ownership of their cryptocurrency assets. Additionally, the deposited assets: (1) may not be used for the custodian's operations or general business purposes; (2) may not be lent, pledged, or rehypothecated for any reason; and (3) must be held in a way that does not expose the custodian to third-party claims. Thus, the custodian may not engage in leveraging, trading, speculation, or similar activities using the deposited cryptocurrency assets. Department's View on Protocol Staking Activities The Department believes that the "Protocol Staking Activities" associated with protocol staking do not involve the issuance and sale of securities as defined by Section 2(a)(1) of the Securities Act of 1933 ("Securities Act") or Section 3(a)(10) of the Securities Exchange Act of 1934 ("Exchange Act"). Therefore, the Department believes that parties participating in protocol staking activities are not required to register transactions related to these protocol staking activities with the Commission under the Securities Act, nor are they subject to the registration exemption provisions of the Securities Act. Protocol Staking Activities Covered by This Statement The Department's view applies to the following protocol staking activities and transactions: · Staking compliant digital assets on a PoS network; · Activities engaged in by third parties (including but not limited to third-party node operators, validators, custodians, delegates, and nominators ("service providers")) related to the protocol staking process, including their roles in reward earning and distribution; · And providing ancillary services (as defined below). This statement only discusses protocol staking activities related to the following types: · Self-staking (or solo staking), where node operators use their own resources to stake the cryptographic assets they own and control. Node operators can be individuals or a group operating a node together and staking their cryptographic assets. · Non-custodial staking through a third party, where node operators obtain validation rights from the cryptographic asset owner per the protocol's terms. Reward payments can flow directly from the PoS network to the cryptographic asset owner or indirectly through the node operator to the owner. · Custodial staking, where a custodian stakes on behalf of the cryptographic asset owner, for example, a cryptographic asset exchange platform may, with customer consent and delegation on a PoS network, stake such cryptographic assets on behalf of the customer. The custodian can use its own nodes for staking or choose third-party node operators. Discussion on Protocol Staking Activities Sections 2(a)(1) of the Securities Act and 3(a)(10) of the Exchange Act define the term "security" by listing various financial instruments, including "stocks," "notes," and "bonds." As cryptographic assets do not fall under any of the explicitly enumerated financial instruments in the said definitions, we analyze certain cryptographic asset transactions involving protocol staking based on the "investment contract" test set forth in the U.S. SEC v. W.J. Howey Co. case. The "Howey test" allows for an analysis of arrangements or instruments not explicitly listed in the statutory terms based on their "economic realities." When assessing the economic reality of a transaction, the key is whether there is an investment of money in a common enterprise with the expectation of profits solely from the efforts of others. Since the Howey case, federal courts have interpreted that the requirement of "efforts of others" in the Howey case is satisfied when "the efforts made by those other than the investor are undeniably significant ones, those essential managerial efforts which affect the failure or success of the enterprise." Federal courts have also noted that ministerial and administrative activities do not fulfill the requirement of managerial or entrepreneurial efforts under the Howey test. Self-Custody Staking A node operator's self-custody staking is not based on the expectation of reasonable profits derived from the entrepreneurial or managerial efforts of others. Instead, node operators contribute their own resources and stake their own crypto assets to secure a PoS network, validate new blocks, and thereby facilitate the network's operation, making them eligible to receive rewards based on the underlying software protocol of the PoS network. To earn rewards, a node operator's activities must comply with protocol rules. By staking their own crypto assets and participating in protocol staking, node operators are merely engaging in ministerial or administrative activities to secure the PoS network and facilitate its operation. The expected rewards for node operators stem not from any third-party managerial or operational efforts on which the PoS network's success relies. Instead, the economic incentives expected by the protocol are entirely derived from this ministerial or administrative act of protocol staking. Therefore, the rewards are a compensation paid to node operators in exchange for the service they provide to the network, rather than profits derived from others' entrepreneurial or managerial efforts. Third-Party Custodied Staking Similarly, when the owner of crypto assets delegates their validation rights to a node operator, the owner does not expect to benefit from the entrepreneurial or managerial efforts of others. The service provided by the node operator to the owner of the crypto assets is inherently ministerial or administrative, rather than entrepreneurial or managerial, for the same reasons discussed above regarding self-custody staking. Whether node operators stake their own crypto assets or obtain validation rights from other crypto asset holders does not change the nature of protocol staking in the Howey analysis. In either case, protocol staking is a ministerial or administrative activity, and the expected economic incentives come solely from such activity, not from the success of the PoS network or any other third party. Additionally, node operators do not guarantee or otherwise set or fix the amount of rewards to be paid to the crypto asset owner, but they may deduct their fees (whether fixed fees or a certain percentage of that amount) from such rewards. Compliant Custodial Staking In Compliance Custodial Staking, the custodian (whether or not a node operator) does not provide entrepreneurial or managerial efforts to the owner of the staked cryptocurrency receiving its services. These arrangements are similar to the above scenario where the cryptocurrency owner delegates their validation rights to a third party but also involve the owner delegating their custody rights over the staked cryptocurrency to a third party. The custodian does not decide when, if, or how much of the owner's cryptocurrency is used for staking. The custodian merely acts as an agent representing the staked cryptocurrency deposited by the owner. Furthermore, the custodian's custody of the deposited cryptocurrency and, in some cases, the selection of node operators do not satisfy the "efforts of others" prong of the Howey Test, as these activities are inherently ministerial or transactional and do not involve managerial or entrepreneurial efforts. Additionally, the custodian does not guarantee or otherwise establish or fix the amount of rewards to be paid to the cryptocurrency owner, but the custodian may deduct its fees from that amount (whether a fixed fee or a certain percentage of the amount). Auxiliary Services Service providers can offer the following services to cryptocurrency owners ("Auxiliary Services") to complement protocol staking. Each of these auxiliary services is inherently administrative or transactional in nature and does not involve entrepreneurial or managerial efforts. They are part of the overall activity of protocol staking, which itself does not possess entrepreneurial or managerial characteristics. Slashing Coverage: Service providers compensate or indemnify staking clients for losses incurred due to slashing. This protection against node operator errors is akin to safeguards provided by service providers in many traditional business transactions. Early Unbonding: Service providers allow the return of the cryptocurrency to the owner before the protocol-defined unbonding period ends. This service merely shortens the effective unbonding period of the protocol, providing convenience to the cryptocurrency owner and alleviating the burden of the unbonding period. Alternative Reward Distribution Schedule and Amount: Service providers deliver rewards at a different pace and amount than the protocol's set schedule, or earlier than the protocol's stipulated time or less frequently than the protocol mandates, provided that the reward amount is not fixed, guaranteed, or higher than the protocol-awarded amount. Similar to early unbonding, this is merely an optional convenience to cryptocurrency owners in reward allocation and distribution management. For cryptocurrency aggregation, service providers offer to aggregate the cryptocurrency to meet the minimum requirements for protocol staking on behalf of the cryptocurrency owner. This service is part of the validation process and is inherently administrative or transactional. Aggregating the owner's cryptocurrency to assist in staking is likewise administrative or transactional in nature. Whether provided individually or as a suite of services, a service provider offering any or all such services does not have a custodial or managerial nature. Original Source Link
BlackRock to Buy Stake in Circle Internet Ahead of IPO: Bloomberg Report
BlackRock Inc. is reportedly planning to purchase around 10% of the shares offered in Circle Internet Group Inc.’s upcoming initial public offering (IPO), according to a Bloomberg report on May 28. According to Bloomberg, BlackRock plans to purchase approximately 10% of the shares offered in Circle Internet Group’s proposed IPO. A filing with the U.S. Securities and Exchange Commission shows Circle and certain shareholders, including CEO Jeremy Allaire, aim to raise up to… — Wu Blockchain (@WuBlockchain) May 28, 2025 The development, shared by people familiar with the matter, shows the convergence of traditional finance and digital assets, especially as crypto firms seek deeper legitimacy in public markets. Circle Targets $624 Million in IPO Amid Surging Demand Circle, the issuer of the USDC stablecoin, plans to raise up to $624 million through its IPO, according to a filing with the U.S. Securities and Exchange Commission (SEC). The offering includes shares sold by the company and its shareholders, including CEO Jeremy Allaire. Cathie Wood’s Ark Investment Management has also expressed interest in acquiring up to $150 million worth of shares. Bloomberg reported that the IPO has already received interest several times greater than the number of shares available, indicating strong demand. The deal is scheduled to price on June 4, and investor enthusiasm shows renewed confidence in crypto-focused firms returning to the public markets. BlackRock’s Ties to USDC Deepen BlackRock’s involvement with Circle is not entirely new. The asset management giant already oversees a government money market fund that holds approximately 90% of the reserves backing USDC. According to Circle’s SEC filing, the Circle Reserve Fund managed nearly $30 billion in net assets as of April 30, 2024. This deep financial entwinement gives BlackRock a vested interest in the stability and growth of Circle’s operations. Though the exact structure of BlackRock’s acquisition—whether through a direct stake, an affiliated entity, or a fund—remains undecided, the move reflects increasing confidence from institutional players in blockchain-based financial infrastructure. Circle’s Long-Awaited IPO Marks New Era for Stablecoin Giant The IPO marks Circle’s long-anticipated public debut, opening a new chapter for one of the most prominent players in the stablecoin sector. The timing comes as regulatory scrutiny on digital asset firms remains high, with investors watching closely to gauge sentiment on publicly listed crypto infrastructure companies. J.P. Morgan, Citigroup, and Goldman Sachs are serving as joint lead active bookrunners. Barclays, Deutsche Bank, and Société Générale are also acting as bookrunners, while a long list of co-managers includes BNY Capital Markets, Canaccord Genuity, Oppenheimer & Co., and Santander.
JD Vance Calls Crypto Market Structure Bill a ‘Priority’ for Trump Administration
LAS VEGAS, Nevada — Establishing a clear and pro-innovation regulatory framework for the crypto industry via a market structure bill is a priority for U.S. President Donald Trump’s administration, Vice President J.D. Vance said Wednesday. Speaking to a massive crowd at Bitcoin 2025 in Las Vegas, Vance said that a regulatory framework is necessary to fully incorporate cryptocurrency into the mainstream U.S. economy, as well as to prevent future governments from rolling back the Trump administration’s crypto-friendly policies. “I hope that our party is in charge for a long time, but nothing is ever guaranteed in politics. So the best way to ensure that crypto is part of the mainstream economy is through a market structure bill that champions and doesn't restrict the extraordinary value that bitcoin and other digital assets represent,” Vance said at the event, which organizers said drew about 35,000 attendees. “We have a once-in-a-generation opportunity to unleash innovation and use it to improve the lives of countless American citizens, but if we fail to create regulatory clarity now, we risk chasing this $3 trillion industry offshore in search of a friendlier jurisdiction, and President Trump is going to fight to fight to make sure that does not happen.” Vance said the Trump administration is hopeful that the GENIUS Act, the Senate’s stablecoin bill, will hit the president’s desk soon, allowing Congress to turn its attention to a market structure bill. He also said that the administration continues to work to “clean up the wreckage that the [Biden] administration left us,” including the so-called “regulation by enforcement” approach to crypto practiced by the U.S. Securities and Exchange Commission (SEC) under then-Chair Gary Gensler, and the widespread debanking of crypto companies, dubbed by the industry as Operation Chokepoint 2.0. “Operation Chokepoint 2.0 is dead and it’s not coming back under the Trump administration,” Vance said. “We reject the Biden administration's legacy of death by a thousand enforcement actions… We fired Gary Gensler, and we’re gonna fire everybody like him," he added, though Gensler resigned the day Trump was sworn in Vance thanked the crypto industry, including Gemini’s Tyler and Cameron Winklevoss and Coinbase, for their early support of Trump’s campaign, attributing some of its success — as well as the successful elections of other crypto-friendly politicians like Sen. Bernie Moreno (R-Ohio) — to the crypto industry’s political support. “Take the momentum of your political involvement in 2024 and carry it forward into 2026 and beyond,” Vance said. In addition to urging the industry to stay involved in U.S. politics, Vance asked bitcoiners to stay abreast of developments in artificial intelligence (AI). “Remember that what happens in AI is very much going to affect, in good and bad ways, what happens to bitcoin and, of course, what happens to bitcoin is very much going to affect what happens in AI,” Vance said, adding: “Make sure you’re keeping tabs on and staying involved in what’s happening in artificial intelligence. I don’t want America to be negatively affected by what’s happening in AI, and the best way to ensure that smart people are at the AI conversation is to ensure that Bitcoin is part of the artificial intelligence conversation.”
JPMorgan Chase Fined $566,082 for Allegedly Failing To Respond to Regulator During Energy Crisis
France’s energy regulator is penalizing the German unit of global financial services firm JPMorgan Chase for failing to provide sufficient information to a power market survey related to soaring electricity prices. In a statement, the French Energy Regulatory Commission (CRE) says it sought to question 44 market participants to understand the causes of the unprecedented increase in electricity prices, which spiked in 2022. The CRE says that 43 participants responded to requests for information, but J.P. Morgan SE (JPMSE) refused to share some information, particularly those related to the identity of the company’s counterparties and customers that engaged in transactions related to the subject of the survey. JPMSE reasoned that the French regulator does not have the power to make binding requests to market players based in other European Union member states. In response, the CRE says it conducted an investigation and found the firm violated a law that entitles the regulator to collect information from companies operating in the French electricity market. The CRE’s Disputes and Sanctions Settlement Committee (CoRDiS) is now sanctioning JMPSE with a €500,000 ($567,500) fine. “This is the first decision of the CoRDiS concerning a breach of the obligation to communicate information necessary for the fulfillment of the CRE’s missions.” At time of publishing, JPMorgan Chase has not issued a public comment addressing the fine. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Generated Image: Midjourney
Bitcoin Mining Takes a Giant Leap: Bitmain Launches Antminer S23 Hydro
The world of Bitcoin mining is constantly evolving, pushing the boundaries of efficiency and performance. At the forefront of this innovation is Bitmain, the industry giant renowned for its Antminer series. Their latest reveal is set to make waves, quite literally, in the mining landscape: the Antminer S23 Hydro series. What is the Antminer S23 Hydro and Why Does it Matter for Bitcoin Mining? Bitmain’s announcement of the Antminer S23 Hydro series at the World Digital Mining Summit (WDMS) 2025, as reported by Wu Blockchain on X, marks a significant milestone. This new generation of mining hardware is designed for large-scale operations, leveraging advanced hydro cooling technology to achieve performance levels previously unseen in their product line. Why is this important for Bitcoin mining? Higher efficiency and hashrate mean miners can potentially mine more Bitcoin for the same or less energy cost (per terahash). This directly impacts profitability and the overall economics of the mining industry. As the Bitcoin network’s difficulty increases, more powerful and efficient machines like the S23 Hydro are crucial for staying competitive. Exploring the Specs: How Does the Antminer S23 Hydro Stack Up? Let’s dive into the technical specifications that make the Antminer S23 Hydro a powerhouse: Hashrate: Up to 580 TH/s (Terahashes per second). This is a substantial increase compared to previous generations, allowing miners to contribute significantly more processing power to the network. Energy Efficiency: A remarkable 9.5 J/TH (Joules per Terahash). Energy efficiency is perhaps the most critical metric for miners, directly impacting operational costs. A lower J/TH means less electricity is consumed per unit of hashing power. This 9.5 J/TH figure places the S23 Hydro among the most efficient machines currently available. Power Consumption: Consumes 5,510 watts of power. While the total power draw is high, it’s the efficiency relative to the hashrate that truly matters. To put this into perspective, let’s consider a simplified comparison (specific models and conditions vary): Model Cooling Max Hashrate Efficiency (J/TH) Approx. Power (W) Antminer S19j Pro Air ~100 TH/s ~29.5 J/TH ~2950 W Antminer S19 XP Hydro Hydro ~255 TH/s ~20.8 J/TH ~5304 W Antminer S23 Hydro Hydro ~580 TH/s ~9.5 J/TH ~5510 W As you can see, the S23 Hydro offers a massive leap in hashrate and a dramatic improvement in efficiency compared to earlier models, even within Bitmain’s hydro-cooled lineup. This makes it a highly attractive piece of crypto mining hardware for operations focused on optimizing their energy expenditure. The Power of Water: Understanding Hydro Cooling Mining Unlike traditional air-cooled miners that rely on fans to dissipate heat, the Antminer S23 Hydro utilizes liquid cooling. Here’s a quick look at how it works and its advantages: How it Works: A liquid coolant (often a mixture of water and glycol) is circulated through plates or channels in direct contact with the heat-generating components (the ASIC chips). This heated liquid is then pumped to a heat exchanger (like a radiator) where the heat is transferred to the air or another cooling medium, and the cooled liquid returns to the miner. Superior Heat Dissipation: Liquid is far more effective at absorbing and transferring heat than air. This allows the chips to run cooler, potentially increasing their lifespan and stability, and enabling higher performance. Increased Density: Hydro cooling allows miners to be packed much more closely together in a facility. Without the need for large air gaps between units and powerful fans, mining containers or buildings can house significantly more hashing power in the same footprint. Noise Reduction: Hydro-cooled systems are significantly quieter than air-cooled ones, which rely on numerous high-speed fans. This is a major benefit for large mining farms located near populated areas. Improved Efficiency: While the cooling system itself consumes power, the overall efficiency gain from the chips running optimally at higher clock speeds and the reduced need for massive air handling infrastructure often results in a lower overall J/TH compared to air-cooled setups at similar performance levels. Implementing hydro cooling mining requires specialized infrastructure, including pumps, piping, radiators, and a reliable water source or closed-loop system, which represents a significant upfront investment. Is the Antminer S23 Hydro Right for Your Farm? Actionable Insights for the Bitcoin Miner The Antminer S23 Hydro is not designed for the casual home Bitcoin miner. Its power consumption, cooling requirements, and likely price point make it suitable primarily for large-scale, professional mining operations. If you are considering upgrading or building a new facility, here are some actionable insights: Evaluate Infrastructure Costs: The capital expenditure for a hydro-cooled facility is much higher than for air-cooled. Factor in the cost of the cooling system, plumbing, and specialized racks. Assess Power Availability and Cost: With a 5.5 kW draw per unit, you need substantial, reliable, and affordable electricity. The S23 Hydro’s efficiency shines brightest where power costs are low. Consider Maintenance: Hydro systems require different maintenance expertise than air-cooled systems. Ensure you have the technical staff capable of managing liquid cooling infrastructure. Calculate ROI: Perform a detailed return on investment calculation based on the S23 Hydro’s price (when announced), your electricity cost, the current Bitcoin price, and the network difficulty growth projections. Its high efficiency offers potential for faster ROI, but the initial cost is key. Facility Location: Locations with access to natural cooling sources (like cold climates or nearby water bodies, used responsibly and legally) can further enhance the efficiency of hydro cooling. For large farms looking to maximize density and efficiency, the Antminer S23 Hydro represents a compelling option, pushing the boundaries of what’s possible in professional Bitcoin mining. The Future of Crypto Mining Hardware The launch of the Antminer S23 Hydro series underscores a clear trend in the crypto mining hardware market: a move towards higher efficiency and liquid cooling solutions for large-scale operations. As Bitcoin’s halving events reduce block rewards, miners must become increasingly efficient to remain profitable. This drives manufacturers like Bitmain to innovate constantly. We can expect to see continued advancements in ASIC chip design, further reducing energy consumption per terahash. Liquid cooling, including single-phase and two-phase immersion cooling, is also likely to become more prevalent in professional setups due to its density and efficiency benefits. The competition among hardware manufacturers will likely intensify, leading to even more powerful and efficient machines in the future. In conclusion, Bitmain’s Antminer S23 Hydro series is a significant leap forward for Bitcoin mining technology. With its industry-leading efficiency and immense hashrate, it sets a new standard for high-performance crypto mining hardware. While requiring specialized infrastructure, its potential for increased profitability and operational density makes it a key development for large-scale miners navigating the increasingly competitive landscape. The trend towards more efficient, hydro-cooled solutions highlights the continuous innovation driving the future of digital asset mining. To learn more about the latest Bitcoin mining trends, explore our articles on key developments shaping Bitcoin mining infrastructure and efficiency. Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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