English

NewsBriefs - DOJ memo on crypto non-prosecution does not affect Do Kwon case, say US prosecutors

Editor-curated news, summarized by AI

  • The Block

    DOJ memo on crypto non-prosecution does not affect Do Kwon case, say US prosecutors

    US prosecutors confirmed that the recent memo from Deputy Attorney General Todd Blanche, which advocates against prosecuting crypto firms under certain conditions, will not influence the charges against Terraform Labs founder Do Kwon. Despite the DOJ's broader move to refrain from crypto-related prosecutions, Kwon's charges remain unchanged and his trial is set to proceed, with the next pre-trial conference scheduled for June 12, 2025. Kwon faces various charges, including commodities fraud and money laundering, with a potential maximum sentence of up to 130 years if convicted.

    The Block

    • Latest

    • The Block

      CoinFlip explores potential $1 billion sale as it seeks buyers

      Bitcoin ATM operator CoinFlip is exploring the possibility of a $1 billion sale and has engaged a financial advisor to assist in this preliminary stage. The firm seeks to capitalize on the ongoing rise in crypto mergers and acquisitions but there is no certainty on achieving the desired sale amount or the completion of the sale itself. CoinFlip is currently ranked as the second-largest cryptocurrency ATM operator globally.

      Expand
      The Block

    • The Block

      US government seizes crypto and domains from darknet marketplace BidenCash

      The US government has seized cryptocurrency funds and 145 domains from the darknet marketplace BidenCash, as announced by the US Attorney's Office for the Eastern District of Virginia. Authorities allege that BidenCash generated over $17 million in illicit revenue by facilitating the sale of over 15 million stolen payment card numbers and personal information. The seized domains are now redirected to a law enforcement-controlled server, rendering them inoperable for further criminal activity.

      Expand
      The Block

    • The Block

      Circle's IPO raises $1.1 billion, surpassing initial targets

      Circle, the issuer of the stablecoin USDC, successfully raised approximately $1.1 billion in an upsized initial public offering (IPO), selling 34 million shares at around $31 each. This amount exceeded the initial sale target and gives Circle a market valuation of $6.9 billion with a fully diluted value of $8.1 billion. Stablecoin adoption continues to expand, highlighted by the legislative focus in the US with the GENIUS Act aiming to regulate the stablecoin industry.

      Expand
      The Block

    • The Block

      Ethereum Foundation renews focus on ecosystem support and strategic funding

      The Ethereum Foundation is revamping its funding strategy to more closely align with short and long-term goals. This includes supporting the ecosystem during downturns and pivotal periods, enhancing transparency in ETH sales, and engaging more deeply with the DeFi ecosystem. Newly appointed co-directors and initiatives reflect a commitment to core cypherpunk values despite evolving priorities. As of October 2024, the Foundation holds substantial assets totaling $970 million. The Foundation also intends to implement strategic funding tactics such as solo staking and lending protocol engagements.

      Expand
      The Block

    • The Block

      NYSE Arca files for Truth Social Bitcoin ETF to track Bitcoin prices

      NYSE Arca has filed for the Truth Social Bitcoin ETF to track bitcoin prices, sponsored by Yorkville America Digital and custodied by Foris DAX Trust. This ETF is part of Trump Media and Technology Group's crypto initiatives, including the recent establishment of a corporate bitcoin treasury.

      Expand
      The Block

    • The Block

      Truth Social files for Bitcoin ETF through NYSE Arca

      NYSE Arca has filed for a Bitcoin ETF to be offered by Truth Social, Trump Media's social media branch. This ETF aims to track the price of Bitcoin and is part of an expanded crypto investment strategy by Truth Social, which includes establishing a corporate Bitcoin treasury. The filing, involving entities like Yorkville America Digital as the sponsor and Foris DAX Trust Company as the custodian, marks a significant push into crypto for Trump Media.

      Expand
      The Block

    • The Block

      Kraken launches Kraken Prime, a new prime brokerage service for institutional crypto clients

      Kraken has introduced Kraken Prime, a full-service prime brokerage designed for institutional clients, offering integrated trading, custody, and financing solutions. This service provides deep liquidity and advanced trading tools through a single interface, meeting the needs of asset managers, hedge funds, and corporates in the crypto market. Kraken Prime features liquidity from over 20 venues, asset-backed lending, and 24/7 support, establishing a new standard in institutional crypto services alongside competitors like Coinbase Prime and FalconX.

      Expand
      The Block

    • Tether

      Tether invests in Orionx to bolster stablecoin adoption in Latin America

      Tether, a major player in the digital asset sector, has concluded its exclusive Series A funding of Orionx, a leading Chilean digital asset exchange. This strategic investment aims to advance financial inclusion and foster resilient digital payment infrastructures in Latin America by enhancing Orionx's technology and expanding its regional operations. With stablecoins playing a crucial role in the region's burgeoning crypto economy, this partnership is set to address financial service gaps and bolster the adoption of stablecoins in remittances, payment processing, and treasury management across multiple countries including Chile, Peru, Colombia, and Mexico.

      Expand
      Tether

    • Blockworks

      Pump.fun aims for $1 billion in upcoming token sale with $4 billion valuation

      Pump.fun is planning to raise $1 billion through a token sale that attributes a $4 billion valuation to its tokens. The sale will target both public and private investors. According to sources, Pump.fun, a memecoin launchpad platform, might conduct the sale within the next two weeks. This valuation would establish Pump.fun as a significant player in the crypto market, following its success in facilitating the creation of Solana tokens and a meme coin frenzy.

      Expand
      Blockworks

    • The Block

      Strategy rolls out new preferred shares to fund more Bitcoin buys

      Strategy announced plans to sell 2.5 million Stride (STRD) perpetual preferred shares to finance additional Bitcoin purchases. The shares offer a 10% dividend and are targeted at institutional and select non-institutional investors. Proceeds will be used for general corporate purposes, including Bitcoin acquisition and working capital, as the firm continues to strengthen its position as a leading crypto treasury entity. Strategy now holds over 580,000 BTC worth more than $60 billion, reinforcing its aggressive approach to converting capital into Bitcoin.

      Expand
      The Block

    • The Block

      IG Group partners with Uphold to launch retail crypto trading in the UK

      IG Group has launched direct crypto trading services for retail investors, in partnership with US-based Uphold, marking the first UK-listed company to offer such services. This service enables transactions in mainstream tokens like bitcoin and ether, extending IG's offerings beyond crypto derivatives previously available through contracts for difference (CFDs). The initiative aims to enhance access to crypto investments in the UK amidst increasing regulatory developments.

      Expand
      The Block

    • The Block

      Metaplanet acquires 1,088 more bitcoin, total holdings hit 8,888 BTC valued at over $930 million

      Metaplanet has acquired an additional 1,088 BTC for 16.885 billion Japanese yen ($117.5 million), increasing its total bitcoin holdings to 8,888 BTC valued at approximately $930 million. This purchase aligns with Metaplanet's strategy to reach a year-end goal of 10,000 BTC, influenced by MicroStrategy's corporate crypto strategies. Following this strategy, Metaplanet has become Asia's largest publicly traded bitcoin holder and is part of the global top 10. The company's strong performance has also reflected positively on its stock prices.

      Expand
      The Block

    • The Block

      FTX initiates $5 billion payout to former users in second phase of bankruptcy plan

      FTX has started the second phase of its Chapter 11 bankruptcy distribution, dispensing around $5 billion to creditors. The payments, facilitated by BitGo and Kraken as distribution partners, aim to repay users approximately 74% of the value of their account holdings. This distribution round continues amid ongoing debates and desires among users for 'in kind' crypto asset returns rather than cash equivalents. The overall FTX repayment plan could distribute between $14.7 billion and $16.5 billion, adjusting based on claim types and valuations.

      Expand
      The Block

    • The Block

      SEC seeks to dismiss lawsuit against Binance, signaling new regulatory approach

      The US Securities and Exchange Commission (SEC) is moving to dismiss its lawsuit against crypto exchange Binance. The decision, detailed in a court filing, aligns with the agency's revised policy perspective towards crypto regulation. This shift comes after Binance faced legal challenges, including a previous $4 billion settlement with the Justice Department for Bank Secrecy Act violations.

      Expand
      The Block

    • Bloomberg

      Telegram completes $1.7 billion bond sale, targets debt repayment and growth

      Telegram raised $1.7 billion through a bond offering with a 9% coupon, closing on May 28. The company plans to use $955 million of the proceeds to pay off existing bonds maturing in 2026, while allocating the remaining $745 million for operational costs and expansion. The offering, initially aimed at $1.5 billion, saw demand that significantly exceeded available allocations, demonstrating strong investor support. Core investors included BlackRock and Mubadala, with provisions for future stock purchases at a discount if Telegram goes public. Concurrently, Telegram is enhancing its platform's functionality through a tentative collaboration with Elon Musk's xAI, potentially integrating the AI service Grok.

      Expand
      Bloomberg