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At Cryptopolitan, we research, analyze, and deliver news—daily.
From breaking updates to in-depth analysis, educational guides, and market insights, we’re here to keep you informed with neutral and authentic news.
Thank you for trusting us to be your go-to source!
From breaking updates to in-depth analysis, educational guides, and market insights, we’re here to keep you informed with neutral and authentic news.
Thank you for trusting us to be your go-to source!
Praetorian crypto founder Ramil Palafox sentenced to 20 years for $200m fraud
Ramil Ventura Palafox just got 20 years in federal prison. He ran a fake crypto company called Praetorian and scammed over 90,000 people across the world. A judge in Alexandria, Virginia, sentenced him after he got hit with wire fraud and money laundering charges.
Ramil is 61 and holds passports from both the United States and the Philippines. He ran Praetorian Group International, also called PGI, where he called himself CEO, chairman, and the face of the whole thing. He told people PGI made money by trading bitcoin.
He said they’d earn daily profits between 0.5% and 3%. That was a lie. PGI wasn’t trading enough bitcoin to even come close to those returns. Instead, Ramil paid early investors with new investors’ money.
Ramil spent investor money on cars, homes, clothes, and fake websites
Between December 2019 and October 2021, more than $201 million flowed into Praetorian. Over $30 million came in as fiat cash, and more than 8,000 bitcoin came in too, worth around $171 million back then.
Out of that, at least $62.6 million is now confirmed as actual losses.
Ramil didn’t spend that money on trading. He spent it on himself. He bought 20 luxury cars for about $3 million. That included Ferraris, Lamborghinis, Bentleys, BMWs, Porsches, McLarens, and more. He booked penthouse suites at fancy hotels and spent $329,000 doing that. He also bought four houses in Los Angeles and Las Vegas, worth over $6 million.
Ramil also spent $3 million shopping at stores like Cartier, Gucci, Rolex, Versace, Neiman Marcus, Louboutin, and Hermès. He bought expensive clothes, watches, jewelry, and furniture. He also sent $800,000 and 100 bitcoin, worth $3.3 million, to one of his family members.
To keep the fraud going, Ramil set up a fake PGI website. From 2020 to 2021, the portal showed fake profits. People would log in and see their investments “growing.” The numbers were all made up. No bitcoin was being traded like that.
Investigators from the FBI Washington Field Office and the IRS Criminal Investigation team in D.C. followed the money trail, tracked the bitcoin, and connected every dollar back to Ramil and Praetorian.
Ramil lied to tens of thousands of people. He promised returns that never existed. He used fake dashboards and flashy events to make it look real. But the cash went to his garage, his closet, and his houses. There was never any plan to make people money.
Now, with Ramil behind bars for 20 years, the name Praetorian is going down in history for all the wrong reasons.
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Ramil is 61 and holds passports from both the United States and the Philippines. He ran Praetorian Group International, also called PGI, where he called himself CEO, chairman, and the face of the whole thing. He told people PGI made money by trading bitcoin.
He said they’d earn daily profits between 0.5% and 3%. That was a lie. PGI wasn’t trading enough bitcoin to even come close to those returns. Instead, Ramil paid early investors with new investors’ money.
Ramil spent investor money on cars, homes, clothes, and fake websites
Between December 2019 and October 2021, more than $201 million flowed into Praetorian. Over $30 million came in as fiat cash, and more than 8,000 bitcoin came in too, worth around $171 million back then.
Out of that, at least $62.6 million is now confirmed as actual losses.
Ramil didn’t spend that money on trading. He spent it on himself. He bought 20 luxury cars for about $3 million. That included Ferraris, Lamborghinis, Bentleys, BMWs, Porsches, McLarens, and more. He booked penthouse suites at fancy hotels and spent $329,000 doing that. He also bought four houses in Los Angeles and Las Vegas, worth over $6 million.
Ramil also spent $3 million shopping at stores like Cartier, Gucci, Rolex, Versace, Neiman Marcus, Louboutin, and Hermès. He bought expensive clothes, watches, jewelry, and furniture. He also sent $800,000 and 100 bitcoin, worth $3.3 million, to one of his family members.
To keep the fraud going, Ramil set up a fake PGI website. From 2020 to 2021, the portal showed fake profits. People would log in and see their investments “growing.” The numbers were all made up. No bitcoin was being traded like that.
Investigators from the FBI Washington Field Office and the IRS Criminal Investigation team in D.C. followed the money trail, tracked the bitcoin, and connected every dollar back to Ramil and Praetorian.
Ramil lied to tens of thousands of people. He promised returns that never existed. He used fake dashboards and flashy events to make it look real. But the cash went to his garage, his closet, and his houses. There was never any plan to make people money.
Now, with Ramil behind bars for 20 years, the name Praetorian is going down in history for all the wrong reasons.
Earn 8% CASHBACK in USDC when you pay with COCA. Order your FREE card.
DFSA shifts token responsibility to firms under the updated crypto framework
In December 2025, the Dubai Financial Services Authority (DFSA) shared its updated Crypto token regulatory framework, allowing DFSA-regulated entities to choose which crypto tokens to work with, eliminating the need for DFSA approval. The update was supposed to come into effect in January 2026.
This is why today, the DFSA has published a Frequently Asked Questions (FAQs) document to support firms in understanding and implementing its updated Crypto Token regulatory framework. The FAQs are intended to provide practical clarification on the application of the DFSA Rulebook to financial services and activities involving Crypto Tokens in or from the Dubai International Financial Centre (DIFC).
According to DFSA, the updated framework strengthens its approach to crypto regulation as it offers greater regulatory clarity for firms, while reinforcing market integrity and investor protection.
Updated framework will grow crypto asset volumes in the financial freezone
On January 12th, 2026, in an interview with Bloomberg, Elisabeth Wallace, Associate Director of Policy & Legal at the Dubai Financial Services Authority, had noted that the decision to give onus to DFIC firms as opposed to regulators was based on three things: alignment to international standards, alignment to international regulatory standards, and, most importantly in response to market feedback.
Wallace noted that while crypto asset volumes in DIFC have not been large, she believes that after this update, these volumes will grow, and “We will see more in 2026 in response to our framework.”
The updated framework shows maturity and brings a competitive advantage
Kokila Alagh, Founder of KARM Legal Consultants, gave her legal perspective to Cryptopolitan, noting that the previously recognized framework had an important role in the early stages of DIFC’s crypto token framework because it had provided firms with regulatory certainty in a high-risk, fast-evolving market. She believes that the shift away from a regulator-led list reflects “maturity of the ecosystem” and “aligns DFSA with regulator peers.”
She asserts that giving DIFC firms responsibility for choosing the crypto assets signals that DIFC is offering more flexibility in structuring their crypto token activities within a well-defined compliance framework.
As for the firms, Alagh states, “Firms now assume primary responsibility for assessing token suitability, which increases accountability and compliance expectations. This requires firms to implement a robust internal framework in relation to, among others, documentation, ongoing monitoring, reporting, transparency, and disclosure obligations, making a sound compliance culture essential to managing compliance and regulatory risks.”
From the perspective of firms interested in setting up in DIFC, Andrew Forson, President of DeFi Technologies, told Cryptopolitan that “ a list of recognized crypto tokens was not really a relevant factor in determining which tokens to work with. The token landscape moves so quickly that, as an asset manager, the most relevant factor tends to be market interest and market demand.”
He believes that removing the list is recognition by Dubai’s crypto regulations that this industry is technology- and demand-driven above all else. He stated, “This is the appropriate approach because it is individual firms who have the closest view of what tokens are worth, how their underlying projects impact their business model, and therefore the associated risk. Attempting to regulate tokens as eligible centrally may, in many instances, kill the competitive advantage a firm has.”
The DFSA FAQ is built on feedback from 600 participants
The latest FAQs are a result of market engagement and a recent DFSA webinar that brought together more than 600 participants from across the financial services and digital assets ecosystem.
One of the most important information is that the FAQ states that crypto token covers tokens that are used as a medium of exchange for payment or investment purposes, and not NFTs, utility tokens, or investment tokens such as security tokens and stablecoins. Stablecoins can only be used to make payments by an asset manager.
The FAQ document notes that a licensed DFSA firm providing financial services can offer products with exposure to a crypto token if it follows the crypto token regime and complies with relevant requirements, such as suitability assessments under GEN Rule 3A.2.1.
A Crypto Token may be assessed as suitable based on several criteria, such as its characteristics, including its purpose, governance arrangements, and founders.
Secondly is the regulatory status of the Crypto Token in other jurisdictions, including whether it has been assessed or approved for use by a financial services regulator, as well as the size, liquidity, and trading history of the market for the Crypto Token globally and finally the technology used in connection with the Crypto Token; and whether the use of the Crypto Token could prevent the person from complying with legislation administered by the DFSA.
Earn 8% CASHBACK in USDC when you pay with COCA. Order your FREE card.
This is why today, the DFSA has published a Frequently Asked Questions (FAQs) document to support firms in understanding and implementing its updated Crypto Token regulatory framework. The FAQs are intended to provide practical clarification on the application of the DFSA Rulebook to financial services and activities involving Crypto Tokens in or from the Dubai International Financial Centre (DIFC).
According to DFSA, the updated framework strengthens its approach to crypto regulation as it offers greater regulatory clarity for firms, while reinforcing market integrity and investor protection.
Updated framework will grow crypto asset volumes in the financial freezone
On January 12th, 2026, in an interview with Bloomberg, Elisabeth Wallace, Associate Director of Policy & Legal at the Dubai Financial Services Authority, had noted that the decision to give onus to DFIC firms as opposed to regulators was based on three things: alignment to international standards, alignment to international regulatory standards, and, most importantly in response to market feedback.
Wallace noted that while crypto asset volumes in DIFC have not been large, she believes that after this update, these volumes will grow, and “We will see more in 2026 in response to our framework.”
The updated framework shows maturity and brings a competitive advantage
Kokila Alagh, Founder of KARM Legal Consultants, gave her legal perspective to Cryptopolitan, noting that the previously recognized framework had an important role in the early stages of DIFC’s crypto token framework because it had provided firms with regulatory certainty in a high-risk, fast-evolving market. She believes that the shift away from a regulator-led list reflects “maturity of the ecosystem” and “aligns DFSA with regulator peers.”
She asserts that giving DIFC firms responsibility for choosing the crypto assets signals that DIFC is offering more flexibility in structuring their crypto token activities within a well-defined compliance framework.
As for the firms, Alagh states, “Firms now assume primary responsibility for assessing token suitability, which increases accountability and compliance expectations. This requires firms to implement a robust internal framework in relation to, among others, documentation, ongoing monitoring, reporting, transparency, and disclosure obligations, making a sound compliance culture essential to managing compliance and regulatory risks.”
From the perspective of firms interested in setting up in DIFC, Andrew Forson, President of DeFi Technologies, told Cryptopolitan that “ a list of recognized crypto tokens was not really a relevant factor in determining which tokens to work with. The token landscape moves so quickly that, as an asset manager, the most relevant factor tends to be market interest and market demand.”
He believes that removing the list is recognition by Dubai’s crypto regulations that this industry is technology- and demand-driven above all else. He stated, “This is the appropriate approach because it is individual firms who have the closest view of what tokens are worth, how their underlying projects impact their business model, and therefore the associated risk. Attempting to regulate tokens as eligible centrally may, in many instances, kill the competitive advantage a firm has.”
The DFSA FAQ is built on feedback from 600 participants
The latest FAQs are a result of market engagement and a recent DFSA webinar that brought together more than 600 participants from across the financial services and digital assets ecosystem.
One of the most important information is that the FAQ states that crypto token covers tokens that are used as a medium of exchange for payment or investment purposes, and not NFTs, utility tokens, or investment tokens such as security tokens and stablecoins. Stablecoins can only be used to make payments by an asset manager.
The FAQ document notes that a licensed DFSA firm providing financial services can offer products with exposure to a crypto token if it follows the crypto token regime and complies with relevant requirements, such as suitability assessments under GEN Rule 3A.2.1.
A Crypto Token may be assessed as suitable based on several criteria, such as its characteristics, including its purpose, governance arrangements, and founders.
Secondly is the regulatory status of the Crypto Token in other jurisdictions, including whether it has been assessed or approved for use by a financial services regulator, as well as the size, liquidity, and trading history of the market for the Crypto Token globally and finally the technology used in connection with the Crypto Token; and whether the use of the Crypto Token could prevent the person from complying with legislation administered by the DFSA.
Earn 8% CASHBACK in USDC when you pay with COCA. Order your FREE card.
France sees rise in violent “wrench attacks” targeting crypto holders
Binance France CEO David Prinçay was the victim of a poorly executed house invasion in Val-de-Marne on Thursday.
Local police reports said that three masked men who were allegedly armed broke into a residential building early on February 12, around seven o’clock, in an attempt to find Binance’s local CEO.
The reports revealed that the robbers first forced their way into another resident’s home to get directions to the correct apartment. According to police, the suspects took two cell phones and fled after failing to find him.
Amateur kidnappers arrested in France following train chase
The trio did not stop there. A Vaucresson resident who had just been hit on the head with a gun butts by multiple masked guys contacted police in the Hauts-de-Seine department at 9:15 a.m. The Vaucresson resident reported hearing them say, “The address isn’t right,” and “Stéphane lives at number 41.” Later, checks would verify that a cryptocurrency entrepreneur actually lived at number 41. Then the three men ran away.
The exact address was used to track down the two pilfered cell phones. CCTV footage also showed that the identical vehicle seen in the Val-de-Marne department that morning was being used by the criminals.
French outlet RTL reported that Police units from Hauts-de-Seine, Val-de-Marne, Yvelines, and the transport police were called in, along with the Parisian BRB (Brigade de Répression du Banditisme, or Organized Crime Unit).
According to the report, the track revealed the trio boarded a train to Lyon after being readily followed on public transit. Later, the suspects were captured at Lyon Perrache train station after the Lyon BRI received an urgent alert, and they were placed under arrest.
France has faced a steady increase in so-called “wrench attacks,” where attackers employ threats or physical force to get access to cryptocurrency holdings. On September 5 of last year, Cryptopolitan reported that French authorities detained seven suspects in relation to the abduction of a Swiss man, aged 20.
The report revealed that the victim was rescued by 150 military police officers who reportedly carried out a special operation in Valence. The military police officers found him in a residence close to the city’s high-speed train station.
In another Cryptopolitan report dated June 20, 2025, David Baland, a co-founder of Ledger, was abducted, had a finger amputated, and was held hostage before being freed.
The same month, a young man was kidnapped while his girlfriend was out shopping. She later received a video call from his phone. Instead of him, a man appeared on the screen and told her to wait outside the house with a bag containing 5,000 euros ($5,750) in cash and a Ledger wallet that had an undetermined amount of cryptocurrencies for his release.
France leads global surge in wrench attacks
CertiK reported earlier this month that the 2025 Wrench assault resulted in confirmed losses of $40.9 million. According to CertiK, many victims choose not to disclose attacks because the ransom amount is not visible on the public blockchain, or because the attacker promised a private settlement.
France had the most attacks, with 19 reported in 2025. Europe was the hardest-hit region last year, with over 40% of all reported ranch assaults occurring there.
Although CertiK did not name the precise locations of all the attacks, it did mention that they occurred across several continents. Individual investors and participants in cryptocurrency marketplaces were among the targets. This subject has attracted international attention due to several noteworthy incidents.
Certik and other members of the cryptocurrency community advised crypto holders to keep their holdings private to avoid flaunting their wealth online and to restrict information that connects their real identities to their blockchain addresses.
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Local police reports said that three masked men who were allegedly armed broke into a residential building early on February 12, around seven o’clock, in an attempt to find Binance’s local CEO.
The reports revealed that the robbers first forced their way into another resident’s home to get directions to the correct apartment. According to police, the suspects took two cell phones and fled after failing to find him.
Amateur kidnappers arrested in France following train chase
The trio did not stop there. A Vaucresson resident who had just been hit on the head with a gun butts by multiple masked guys contacted police in the Hauts-de-Seine department at 9:15 a.m. The Vaucresson resident reported hearing them say, “The address isn’t right,” and “Stéphane lives at number 41.” Later, checks would verify that a cryptocurrency entrepreneur actually lived at number 41. Then the three men ran away.
The exact address was used to track down the two pilfered cell phones. CCTV footage also showed that the identical vehicle seen in the Val-de-Marne department that morning was being used by the criminals.
French outlet RTL reported that Police units from Hauts-de-Seine, Val-de-Marne, Yvelines, and the transport police were called in, along with the Parisian BRB (Brigade de Répression du Banditisme, or Organized Crime Unit).
According to the report, the track revealed the trio boarded a train to Lyon after being readily followed on public transit. Later, the suspects were captured at Lyon Perrache train station after the Lyon BRI received an urgent alert, and they were placed under arrest.
France has faced a steady increase in so-called “wrench attacks,” where attackers employ threats or physical force to get access to cryptocurrency holdings. On September 5 of last year, Cryptopolitan reported that French authorities detained seven suspects in relation to the abduction of a Swiss man, aged 20.
The report revealed that the victim was rescued by 150 military police officers who reportedly carried out a special operation in Valence. The military police officers found him in a residence close to the city’s high-speed train station.
In another Cryptopolitan report dated June 20, 2025, David Baland, a co-founder of Ledger, was abducted, had a finger amputated, and was held hostage before being freed.
The same month, a young man was kidnapped while his girlfriend was out shopping. She later received a video call from his phone. Instead of him, a man appeared on the screen and told her to wait outside the house with a bag containing 5,000 euros ($5,750) in cash and a Ledger wallet that had an undetermined amount of cryptocurrencies for his release.
France leads global surge in wrench attacks
CertiK reported earlier this month that the 2025 Wrench assault resulted in confirmed losses of $40.9 million. According to CertiK, many victims choose not to disclose attacks because the ransom amount is not visible on the public blockchain, or because the attacker promised a private settlement.
France had the most attacks, with 19 reported in 2025. Europe was the hardest-hit region last year, with over 40% of all reported ranch assaults occurring there.
Although CertiK did not name the precise locations of all the attacks, it did mention that they occurred across several continents. Individual investors and participants in cryptocurrency marketplaces were among the targets. This subject has attracted international attention due to several noteworthy incidents.
Certik and other members of the cryptocurrency community advised crypto holders to keep their holdings private to avoid flaunting their wealth online and to restrict information that connects their real identities to their blockchain addresses.
Sharpen your strategy with mentorship + daily ideas - 30 days free access to our trading program
Analysts Say Bitcoin (BTC) Eyes $60K While This Cheap Crypto Surges 3x
Bitcoin (BTC) is once again at a critical price zone, with analysts debating whether a move toward $60K is the next crypto major step. As BTC consolidates and traders watch key support and resistance levels, uncertainty is building around short-term momentum and broader top crypto market direction.
At the same time, a lesser-known cheap crypto has quietly surged 3x, drawing attention from investors searching for stronger upside during Bitcoin’s pause. While BTC remains the benchmark for the entire market, capital rotation into emerging altcoins is becoming harder to ignore.
Bitcoin (BTC)
The current price of Bitcoin (BTC) is approximately $68,000 with a market capital of approximately 1.3 trillion. The king of crypto is currently going through a rough time after concluding new highs last year.
The institutional demand is slackening and the chart is exhibiting exhaustiveness. The existing price is threatening to many traders instead of offering them a buying opportunity.
The technical charts indicate heavy resistance levels of $72,000 and $75,000. In case Bitcoin fails to move above these levels in the near future, analysts indicate that it might fall to the mark of $60,000.
The latest price prediction by some analysts is not very enticing to those who want to gain high returns. They indicate that BTC could potentially increase by just 15% in the next twelve months only. This sluggish growth is causing investors to seek out high-beta alternatives that have a lot more to climb.
Mutuum Finance (MUTM)
One project moving against the broader market trend is Mutuum Finance (MUTM). It is an emerging decentralized lending and borrowing protocol built on Ethereum, designed to let users supply tokens for yield or access liquidity against collateral without relying on traditional intermediaries.
The system operates through smart contracts that automate interest calculations, Loan-to-Value limits, and liquidation thresholds. By enforcing these parameters on-chain, the protocol aims to provide transparent execution and non-custodial control, ensuring users retain oversight of their positions while interacting with a structured lending environment.
The team has already rolled out the V1 protocol on Sepolia testnet, according to an official statement on X. This is a major technical win. It enables the community to scrutinize the lending pools and monitor the system on the debt in real time. Mutuum Finance is demonstrating that its engine is already moving unlike many projects, which have a web site only. This change of a concept into a functional product is what has led to the value of the project increasing 3x already.
Presale Success and Community Rewards
The increase of Mutuum Finance is best observed through its distribution of tokens. This project is at the Phase 7 of presale. The MUTM is selling at a price of $0.04, which is an increment of 300% compared to the initial starting price of $0.01. The project has so far raised over $20.5 million and has a following of over 19,000 holders.
Mutuum Finance has a 24-hours board to ensure that the community remains active. This daily leaderboard will follow the daily participation and reward the most active participant at the end of the day in MUTM tokens of $500. It does not require much effort to start since the platform supports the direct MUTM payment in the form of the card. Having a known launch price of $0.06, the present stage is the final opportunity of 50% discounted entry.
Future Intention and Work Security
Mutuum Finance outlines several growth drivers within its official roadmap. The team plans to introduce a native stablecoin designed to be supported by activity generated within the protocol, including lending-related yield mechanisms.
In addition, the integration of Chainlink price oracles is intended to provide reliable, tamper-resistant market data for collateral valuation and liquidation accuracy. These components are structured to strengthen scalability and risk management as lending volumes expand.
Security remains a core focus. The protocol’s smart contracts have undergone a manual audit by Halborn, and it currently holds a 90/100 trust score from CertiK. By combining infrastructure development, incentive alignment, and third-party verification, Mutuum Finance is positioning itself as a technically grounded alternative for investors seeking functionality-driven growth rather than relying solely on legacy market momentum.
For more information about Mutuum Finance (MUTM) visit the links below:
Website: https://www.mutuum.com
Linktree: https://linktr.ee/mutuumfinance
At the same time, a lesser-known cheap crypto has quietly surged 3x, drawing attention from investors searching for stronger upside during Bitcoin’s pause. While BTC remains the benchmark for the entire market, capital rotation into emerging altcoins is becoming harder to ignore.
Bitcoin (BTC)
The current price of Bitcoin (BTC) is approximately $68,000 with a market capital of approximately 1.3 trillion. The king of crypto is currently going through a rough time after concluding new highs last year.
The institutional demand is slackening and the chart is exhibiting exhaustiveness. The existing price is threatening to many traders instead of offering them a buying opportunity.
The technical charts indicate heavy resistance levels of $72,000 and $75,000. In case Bitcoin fails to move above these levels in the near future, analysts indicate that it might fall to the mark of $60,000.
The latest price prediction by some analysts is not very enticing to those who want to gain high returns. They indicate that BTC could potentially increase by just 15% in the next twelve months only. This sluggish growth is causing investors to seek out high-beta alternatives that have a lot more to climb.
Mutuum Finance (MUTM)
One project moving against the broader market trend is Mutuum Finance (MUTM). It is an emerging decentralized lending and borrowing protocol built on Ethereum, designed to let users supply tokens for yield or access liquidity against collateral without relying on traditional intermediaries.
The system operates through smart contracts that automate interest calculations, Loan-to-Value limits, and liquidation thresholds. By enforcing these parameters on-chain, the protocol aims to provide transparent execution and non-custodial control, ensuring users retain oversight of their positions while interacting with a structured lending environment.
The team has already rolled out the V1 protocol on Sepolia testnet, according to an official statement on X. This is a major technical win. It enables the community to scrutinize the lending pools and monitor the system on the debt in real time. Mutuum Finance is demonstrating that its engine is already moving unlike many projects, which have a web site only. This change of a concept into a functional product is what has led to the value of the project increasing 3x already.
Presale Success and Community Rewards
The increase of Mutuum Finance is best observed through its distribution of tokens. This project is at the Phase 7 of presale. The MUTM is selling at a price of $0.04, which is an increment of 300% compared to the initial starting price of $0.01. The project has so far raised over $20.5 million and has a following of over 19,000 holders.
Mutuum Finance has a 24-hours board to ensure that the community remains active. This daily leaderboard will follow the daily participation and reward the most active participant at the end of the day in MUTM tokens of $500. It does not require much effort to start since the platform supports the direct MUTM payment in the form of the card. Having a known launch price of $0.06, the present stage is the final opportunity of 50% discounted entry.
Future Intention and Work Security
Mutuum Finance outlines several growth drivers within its official roadmap. The team plans to introduce a native stablecoin designed to be supported by activity generated within the protocol, including lending-related yield mechanisms.
In addition, the integration of Chainlink price oracles is intended to provide reliable, tamper-resistant market data for collateral valuation and liquidation accuracy. These components are structured to strengthen scalability and risk management as lending volumes expand.
Security remains a core focus. The protocol’s smart contracts have undergone a manual audit by Halborn, and it currently holds a 90/100 trust score from CertiK. By combining infrastructure development, incentive alignment, and third-party verification, Mutuum Finance is positioning itself as a technically grounded alternative for investors seeking functionality-driven growth rather than relying solely on legacy market momentum.
For more information about Mutuum Finance (MUTM) visit the links below:
Website: https://www.mutuum.com
Linktree: https://linktr.ee/mutuumfinance
Polish president vetoes controversial crypto bill for second time
President Nawrocki of Poland has once again halted the adoption of a contentious law designed to regulate cryptocurrency transactions in the EU nation.
The legislation, drafted by Prime Minister Donald Tusk’s cabinet, has been criticized for imposing much stricter rules on Polish crypto firms than the European standards it’s supposed to introduce.
Polish president vetoes controversial crypto bill for second time
Poland’s head of state, Karol Nawrocki, has imposed another veto on the government-proposed legal framework for the country’s crypto market, arguably the largest in Eastern Europe.
On Thursday, the president returned the document again, which saw little change since the last time it was rejected amid a bitter political clash with the ruling coalition.
The Polish “Crypto-Asset Market Act” should transpose the provisions of the EU’s Markets in Crypto Assets (MiCA) regulation into national law.
However, members of the local crypto community have been complaining its sponsors have gone far beyond the latest European requirements.
One of the points of contention has been the granting of what some see as excessive oversight powers to the Polish Financial Supervision Authority (KNF).
For example, the agency will be able to suspend or prohibit public offerings of cryptocurrencies and their trading, as noted in a report by Telewizja Polska (TVP), Poland’s national broadcaster.
The KNF will be able to impose sanctions on issuers, service providers and trading platforms, including financial penalties for violations by intermediaries engaged in processing crypto transactions.
The authority will also maintain a register of internet domains suspected of fraudulent activities in the crypto space, in order to ensure protection for customers and other market participants.
Criminal liability has been introduced for the issuing of tokens or the provision of services without notifying the KNF as well as fines of up to 10 million złoty ($2.8 million) for the most serious offenses.
Future of Polish crypto law remains uncertain
Poland’s crypto act should now go back to the parliament in Warsaw. The government-sponsored bill was first stopped by President Nawrocki at the end of last November.
The Sejm, the lower house of the legislature, failed to overcome his veto and sent it to the Senate. The upper house introduced its own amendments, most of which were later rejected by the Sejm.
Members of the latter reduced a “supervisory fee” to be charged by the KNF, from 0.4% to 0.1% of the revenue generated by market participants.
This was the only significant revision of the document before it returned to Nawrocki’s desk, amid wide expectations he was going to veto it again.
In an apparent attempt to up the pressure on the president, the KNF warned earlier this week that all domestic crypto platforms will become illegal on July 1, if the law is not passed and signed by then.
In the motives for his veto on the nearly identical first draft, the head of state said it was offering excessive, ambiguous, and disproportionate solutions.
He added that the legal framework put forward by ruling coalition endangered the freedoms of Poles, their property rights, and even the stability of Poland.
The executive power and the parliamentary majority returned fire by launching an investigation into Nawrocki’s connections to the industry, which as its representatives claim, has been infiltrated by players linked to Russia and other nations in the post-Soviet space.
Members of the sector previously warned that the legislation, in its current version, literary threatens the very survival of domestic crypto firms, which are likely to relocate to more favorable jurisdictions in Europe, such as the Baltic states.
The draft will now return to the parliament of Poland, where Tusk doesn’t have the necessary three-fifths majority to overcome Nawrocki’s veto. And if it remains in limbo, Polish companies will be forced to move their offices abroad and apply for MiCA licensed there, the Bitcoin.pl portal noted in a report on the latest development.
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The legislation, drafted by Prime Minister Donald Tusk’s cabinet, has been criticized for imposing much stricter rules on Polish crypto firms than the European standards it’s supposed to introduce.
Polish president vetoes controversial crypto bill for second time
Poland’s head of state, Karol Nawrocki, has imposed another veto on the government-proposed legal framework for the country’s crypto market, arguably the largest in Eastern Europe.
On Thursday, the president returned the document again, which saw little change since the last time it was rejected amid a bitter political clash with the ruling coalition.
The Polish “Crypto-Asset Market Act” should transpose the provisions of the EU’s Markets in Crypto Assets (MiCA) regulation into national law.
However, members of the local crypto community have been complaining its sponsors have gone far beyond the latest European requirements.
One of the points of contention has been the granting of what some see as excessive oversight powers to the Polish Financial Supervision Authority (KNF).
For example, the agency will be able to suspend or prohibit public offerings of cryptocurrencies and their trading, as noted in a report by Telewizja Polska (TVP), Poland’s national broadcaster.
The KNF will be able to impose sanctions on issuers, service providers and trading platforms, including financial penalties for violations by intermediaries engaged in processing crypto transactions.
The authority will also maintain a register of internet domains suspected of fraudulent activities in the crypto space, in order to ensure protection for customers and other market participants.
Criminal liability has been introduced for the issuing of tokens or the provision of services without notifying the KNF as well as fines of up to 10 million złoty ($2.8 million) for the most serious offenses.
Future of Polish crypto law remains uncertain
Poland’s crypto act should now go back to the parliament in Warsaw. The government-sponsored bill was first stopped by President Nawrocki at the end of last November.
The Sejm, the lower house of the legislature, failed to overcome his veto and sent it to the Senate. The upper house introduced its own amendments, most of which were later rejected by the Sejm.
Members of the latter reduced a “supervisory fee” to be charged by the KNF, from 0.4% to 0.1% of the revenue generated by market participants.
This was the only significant revision of the document before it returned to Nawrocki’s desk, amid wide expectations he was going to veto it again.
In an apparent attempt to up the pressure on the president, the KNF warned earlier this week that all domestic crypto platforms will become illegal on July 1, if the law is not passed and signed by then.
In the motives for his veto on the nearly identical first draft, the head of state said it was offering excessive, ambiguous, and disproportionate solutions.
He added that the legal framework put forward by ruling coalition endangered the freedoms of Poles, their property rights, and even the stability of Poland.
The executive power and the parliamentary majority returned fire by launching an investigation into Nawrocki’s connections to the industry, which as its representatives claim, has been infiltrated by players linked to Russia and other nations in the post-Soviet space.
Members of the sector previously warned that the legislation, in its current version, literary threatens the very survival of domestic crypto firms, which are likely to relocate to more favorable jurisdictions in Europe, such as the Baltic states.
The draft will now return to the parliament of Poland, where Tusk doesn’t have the necessary three-fifths majority to overcome Nawrocki’s veto. And if it remains in limbo, Polish companies will be forced to move their offices abroad and apply for MiCA licensed there, the Bitcoin.pl portal noted in a report on the latest development.
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Russia’s central bank cuts rates to 15.5% in fifth move since last year
Russia’s central bank dropped interest rates to 15.5% on Friday, the fifth cut since last year. Officials lowered rates by half a point from 16%, saying the economy is getting back on track despite prices jumping in January after the government hiked taxes on everyday purchases.
The bank expects to keep cutting rates this year, but wants to see inflation moving closer to its 4% target first. Inflation stood at 6.3% as of Feb. 9. That’s down a lot from last year, but still above target.
Sofia Donets, chief economist at T-Bank, said Friday’s decision was the strongest signal for easier monetary policy since 2023. “For now, this guidance is conditional and tied to how inflation progresses,” she said. “Still, it’s a sign that a turning point may be near.”
The cuts reverse an aggressive campaign that saw the bank jack rates up to 21% in September 2024 – a two-decade high. Those emergency rates came as officials tried to cool inflation driven by huge military spending and worker shortages.
As Cryptopolitan reported last July, the bank had cut rates to 18% after keeping them frozen at emergency levels for months. Before that, in December 2024, the bank was raising rates hard to fight soaring prices.
High borrowing costs have crushed business investment and choked off growth. President Vladimir Putin said last week the economy grew just 1% in 2025. “But we also know that this slowdown was not simply expected. One could even say it was man-made,” Putin told officials. “It was connected with targeted measures to reduce inflation.”
Budget deficit balloons as oil money dries up
Military spending keeps climbing, but government income is falling. January’s budget deficit jumped to nearly half the full-year target of 3.8 trillion rubles ($49.4 billion).
Oil revenues are the real problem. The Finance Ministry said oil and gas money in January totaled 393.3 billion rubles ($4.29 billion). That’s 32% below plan and only half of January 2025.
Global oil prices have dropped. Russian crude sells at bigger discounts. The ruble got stronger, which cuts revenue since oil taxes get calculated in dollars but paid in rubles.
Then there’s India. The Trump administration has been pushing India to stop buying Russian oil. It’s not clear if India will actually do it, given its need for cheap energy and its relationship with Moscow.
Deficit could triple official target
Economy Minister Maxim Reshetnikov said Thursday that growth will keep slowing through the first half of 2026. There’s still room for more rate cuts, he said.
The bigger picture looks rough. Some government estimates suggest the budget deficit could hit three times the official target by year’s end if oil revenues keep falling. That would push the shortfall to 3.5% to 4.4% of GDP, compared to the planned 1.6%.
Officials face a tough spot. They need to ease borrowing costs to help growth, but can’t move too fast if inflation picks up. They also need to plug a growing budget hole without killing an already weak economy.
Whether they can pull it off depends on things beyond their control – oil prices, sanctions, and the ongoing conflict in Ukraine.
For now, the central bank is betting inflation will keep falling and give it room to cut rates more. The next few months will show if that works or if the budget crisis and slow growth force a different plan.
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The bank expects to keep cutting rates this year, but wants to see inflation moving closer to its 4% target first. Inflation stood at 6.3% as of Feb. 9. That’s down a lot from last year, but still above target.
Sofia Donets, chief economist at T-Bank, said Friday’s decision was the strongest signal for easier monetary policy since 2023. “For now, this guidance is conditional and tied to how inflation progresses,” she said. “Still, it’s a sign that a turning point may be near.”
The cuts reverse an aggressive campaign that saw the bank jack rates up to 21% in September 2024 – a two-decade high. Those emergency rates came as officials tried to cool inflation driven by huge military spending and worker shortages.
As Cryptopolitan reported last July, the bank had cut rates to 18% after keeping them frozen at emergency levels for months. Before that, in December 2024, the bank was raising rates hard to fight soaring prices.
High borrowing costs have crushed business investment and choked off growth. President Vladimir Putin said last week the economy grew just 1% in 2025. “But we also know that this slowdown was not simply expected. One could even say it was man-made,” Putin told officials. “It was connected with targeted measures to reduce inflation.”
Budget deficit balloons as oil money dries up
Military spending keeps climbing, but government income is falling. January’s budget deficit jumped to nearly half the full-year target of 3.8 trillion rubles ($49.4 billion).
Oil revenues are the real problem. The Finance Ministry said oil and gas money in January totaled 393.3 billion rubles ($4.29 billion). That’s 32% below plan and only half of January 2025.
Global oil prices have dropped. Russian crude sells at bigger discounts. The ruble got stronger, which cuts revenue since oil taxes get calculated in dollars but paid in rubles.
Then there’s India. The Trump administration has been pushing India to stop buying Russian oil. It’s not clear if India will actually do it, given its need for cheap energy and its relationship with Moscow.
Deficit could triple official target
Economy Minister Maxim Reshetnikov said Thursday that growth will keep slowing through the first half of 2026. There’s still room for more rate cuts, he said.
The bigger picture looks rough. Some government estimates suggest the budget deficit could hit three times the official target by year’s end if oil revenues keep falling. That would push the shortfall to 3.5% to 4.4% of GDP, compared to the planned 1.6%.
Officials face a tough spot. They need to ease borrowing costs to help growth, but can’t move too fast if inflation picks up. They also need to plug a growing budget hole without killing an already weak economy.
Whether they can pull it off depends on things beyond their control – oil prices, sanctions, and the ongoing conflict in Ukraine.
For now, the central bank is betting inflation will keep falling and give it room to cut rates more. The next few months will show if that works or if the budget crisis and slow growth force a different plan.
If you're reading this, you’re already ahead. Stay there with our newsletter.
Bitcoin developers submit BIP-360 to add quantum resistance to protocol roadmap
In the quest to prepare the Bitcoin ecosystem to handle future quantum computing threats, Bitcoin developers have officially submitted BIP-360 into the Bitcoin Improvement Proposal repository.
This milestone will place quantum resistance properly on Bitcoin’s technical roadmap for the first time ever.
The proposal, which was co-authored by Hunter Beast (senior protocol engineer at MARA), cryptographic researcher Ethan Hellman, and technical communications specialist Foxen Duke, introduces a new output type known as Pay-to-Merkle-Root (P2MR).
This output type is designed to function similarly to Bitcoin’s Taproot addresses while eliminating the quantum-vulnerable spending method that makes current addresses susceptible to attack if sufficiently advanced quantum computers emerge.
Pay-to-Merkle-Root removes Taproot’s vulnerability
P2MR operates with a very similar functionality to Pay-to-Taproot (P2TR) outputs (Bitcoin’s most advanced address format, and introduced in 2021). However, there is one major difference- P2TR removes the “key-path spend” option that allows users to spend directly with a signature against a public key.
According to the BIP-360 specification, this key-path mechanism creates the primary quantum vulnerability in Taproot because it exposes a tweaked public key on-chain, potentially allowing sufficiently powerful quantum computers running Shor’s algorithm to obtain the corresponding private key.
On the other hand, P2MR commits exclusively to the Merkle root of a Tapscript tree without including an internal public key. When users are spending from a P2MR output, they must reveal a script path (provide a leaf script from the Merkle tree along with the proof showing its inclusion).
Experts explained that because hashing algorithms are generally considered more quantum-secure than elliptic curve signatures, this method offers a lot more quantum resistance.
This new technical structure preserves Bitcoin’s smart contract flexibility. Users will still be able to create complex spending conditions through Tapscript (the scripting language that enables features like multi-signature wallets, time-locked transactions, and conditional payments).
However, forcing all spends through the script path and eliminating direct public key exposure allows P2MR to drastically reduce the attack surface for quantum computers.
Other analysts also discovered that Taproot addresses (beginning with “bc1p”), Pay-to-Public-Key (P2PK) outputs, and reused addresses are some of Bitcoin’s vulnerable address types due to the fact that public keys would be visible in scenarios like the ones mentioned in this report.
P2MR addresses, which would begin with “bc1z” under current proposals, will offer protection against this exposure, but it might incur slightly higher transaction fees due to the additional witness data required for script path spends.
How far away is the quantum threat to Bitcoin?
The urgency behind BIP-360 originates from accelerating quantum computing development across multiple fronts. Industry roadmaps led by the likes of IBM, Google, Microsoft, Amazon and Intel suggest that quantum computers may be able to decrypt the Elliptic Curve Digital Signature Algorithm (ECDSA) cryptography used for Bitcoin’s public-private key encryption “in as little as 5 years” according to analysis by the BIP-360 team.
Recent breakthroughs have intensified these concerns as well. Google launching its “Willow” quantum chip in December 2025, and Microsoft’s progress on Majorana 1 chip development brought quantum computing’s potential threat to Bitcoin further into the light.
While experts debate the exact timeline for when “Cryptographically Relevant Quantum Computers” (CRQCs) will emerge, the pace of development has convinced protocol engineers that preparation cannot wait for certainty.
Government agencies have already started preparing the transition. The US federal government issued a directive to phase out ECDSA cryptography entirely by 2035. This timeline was given as a result of the government recognizing that the migration timeline for critical infrastructure takes years (or even decades).
The National Security Agency’s CNSA 2.0 framework also calls for quantum-safe systems by 2030, while the National Institute of Standards includes ML-DSA (Dillithium) and SLH-DSA (SPHINCS+) as approved algorithms for federal use.
“While the amount of time we have to prepare for a quantum event is uncertain, it seems reasonable to ensure that Bitcoin is prepared for a range of possible outcomes,” the BIP-360 team said.
“Additionally, we must consider the total time needed for an effective transition—at the BIP level, the software level, the infrastructure level, and the user-transition level. A smooth and effective QR transition plan for Bitcoin could take several years to execute—with more prep time inevitably leading to better security outcomes for all.”
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This milestone will place quantum resistance properly on Bitcoin’s technical roadmap for the first time ever.
The proposal, which was co-authored by Hunter Beast (senior protocol engineer at MARA), cryptographic researcher Ethan Hellman, and technical communications specialist Foxen Duke, introduces a new output type known as Pay-to-Merkle-Root (P2MR).
This output type is designed to function similarly to Bitcoin’s Taproot addresses while eliminating the quantum-vulnerable spending method that makes current addresses susceptible to attack if sufficiently advanced quantum computers emerge.
Pay-to-Merkle-Root removes Taproot’s vulnerability
P2MR operates with a very similar functionality to Pay-to-Taproot (P2TR) outputs (Bitcoin’s most advanced address format, and introduced in 2021). However, there is one major difference- P2TR removes the “key-path spend” option that allows users to spend directly with a signature against a public key.
According to the BIP-360 specification, this key-path mechanism creates the primary quantum vulnerability in Taproot because it exposes a tweaked public key on-chain, potentially allowing sufficiently powerful quantum computers running Shor’s algorithm to obtain the corresponding private key.
On the other hand, P2MR commits exclusively to the Merkle root of a Tapscript tree without including an internal public key. When users are spending from a P2MR output, they must reveal a script path (provide a leaf script from the Merkle tree along with the proof showing its inclusion).
Experts explained that because hashing algorithms are generally considered more quantum-secure than elliptic curve signatures, this method offers a lot more quantum resistance.
This new technical structure preserves Bitcoin’s smart contract flexibility. Users will still be able to create complex spending conditions through Tapscript (the scripting language that enables features like multi-signature wallets, time-locked transactions, and conditional payments).
However, forcing all spends through the script path and eliminating direct public key exposure allows P2MR to drastically reduce the attack surface for quantum computers.
Other analysts also discovered that Taproot addresses (beginning with “bc1p”), Pay-to-Public-Key (P2PK) outputs, and reused addresses are some of Bitcoin’s vulnerable address types due to the fact that public keys would be visible in scenarios like the ones mentioned in this report.
P2MR addresses, which would begin with “bc1z” under current proposals, will offer protection against this exposure, but it might incur slightly higher transaction fees due to the additional witness data required for script path spends.
How far away is the quantum threat to Bitcoin?
The urgency behind BIP-360 originates from accelerating quantum computing development across multiple fronts. Industry roadmaps led by the likes of IBM, Google, Microsoft, Amazon and Intel suggest that quantum computers may be able to decrypt the Elliptic Curve Digital Signature Algorithm (ECDSA) cryptography used for Bitcoin’s public-private key encryption “in as little as 5 years” according to analysis by the BIP-360 team.
Recent breakthroughs have intensified these concerns as well. Google launching its “Willow” quantum chip in December 2025, and Microsoft’s progress on Majorana 1 chip development brought quantum computing’s potential threat to Bitcoin further into the light.
While experts debate the exact timeline for when “Cryptographically Relevant Quantum Computers” (CRQCs) will emerge, the pace of development has convinced protocol engineers that preparation cannot wait for certainty.
Government agencies have already started preparing the transition. The US federal government issued a directive to phase out ECDSA cryptography entirely by 2035. This timeline was given as a result of the government recognizing that the migration timeline for critical infrastructure takes years (or even decades).
The National Security Agency’s CNSA 2.0 framework also calls for quantum-safe systems by 2030, while the National Institute of Standards includes ML-DSA (Dillithium) and SLH-DSA (SPHINCS+) as approved algorithms for federal use.
“While the amount of time we have to prepare for a quantum event is uncertain, it seems reasonable to ensure that Bitcoin is prepared for a range of possible outcomes,” the BIP-360 team said.
“Additionally, we must consider the total time needed for an effective transition—at the BIP level, the software level, the infrastructure level, and the user-transition level. A smooth and effective QR transition plan for Bitcoin could take several years to execute—with more prep time inevitably leading to better security outcomes for all.”
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South Korean police lost 22 BTC from seized assets in February
South Korean law enforcement has suffered its second major crypto custody loss in 2026, with police losing 22 Bitcoins worth 2.1 billion won (around $1.5 million) from seized criminal assets.
News of the latest loss broke today, although the specific details about which department lost the funds and the exact circumstances surrounding the disappearance remain under investigation.
Concerns are now growing about the institutional readiness to secure the digital assets that the authorities are confiscating.
South Korean police lost 22 BTC from seized assets in February
Less than a month after the reports emerged about the prosecutors’ office BTC loss, the Gangnam Police Station revealed on February 13, 2026, that it had lost 22 Bitcoin tokens worth around 2.1 billion won ($1.5 million) from assets seized in criminal investigations.
Although the amount is smaller than the earlier loss, the police incident carries added weight since it is the second major custody failure in such a short period.
Apparently, the police loss was discovered during a nationwide audit of law enforcement cryptocurrency holdings (triggered by the prosecutors’ earlier loss), although the exact timing of when the Bitcoin actually disappeared remains under investigation.
The funds, stored in a USB wallet as well, were surrendered to Gangnam investigators in November 2021 as part of a criminal investigation that was later suspended. As such, the wallet sat unmonitored for years while the investigation went dormant.
When auditors finally checked the wallet during the nationwide inspection, they discovered the USB remained exactly where it was kept, but the 22 BTC that was supposed to be inside was completely wiped out.
The lack of transparency around basic details like when exactly the funds disappeared and which custody method was being used is a similar concern shared with the prosecutors’ incident as well.
Even in the prosecutors’ case, officials had declined to confirm the exact amount lost at first and only acknowledged the scale after media pressure.
Prosecutors lost $48 million just weeks earlier
Today’s loss came barely a month after an even larger disaster at the Gwangju District Prosecutors’ Office. On January 28, 320 BTC, valued at approximately $48 million (70 billion won at the time), was reported missing.
The prosecutors launched an internal audit targeting five inspectors tasked with managing the seized assets, with the possibility of criminal charges if any suspicious activity is discovered.
According to various sources, the Bitcoin in question was confiscated from a woman who went by the title “A” who was indicted alongside her father for running an online Bitcoin gambling site between 2018 and the time of seizure.
Apparently, the 320 BTC seized was part of approximately 1,800 BTC that A smuggled into South Korea and hid domestically. The remaining amount was allegedly stolen by another unidentified individual who accessed A’s blockchain account before the authorities could get to it.
USB storage and verification failures are common factors in both incidents
Both the prosecutor and police incidents share common concerns that point more towards systemic institutional failure than isolated events. In both cases, authorities relied on USB hardware wallets, but while these wallets are generally considered secure for individual users, they still require technical knowledge to protect the keys they hold.
Analysts noted several custody failures that could apply to both incidents. First, if the authorities simply confiscated the USB devices without transferring the Bitcoin to separate government-controlled wallets, the original owners could withdraw their assets using backup private keys stored elsewhere (suggesting that the seizure was incomplete from the start).
Secondly, if custody wallets were created on internet-connected computers, then the private keys could have been exposed from the moment of generation.
Finally, storing wallet passwords or private keys on the same USB devices or in easily accessible locations creates vulnerabilities. If employees access these credentials consistently, each verification creates an opportunity for phishing attacks and credential exposure.
Professional custody firms use multi-signature wallets requiring multiple independent approvals for any transaction, hardware security modules that cannot be easily compromised, and protocols that separate verification from access.
Nonetheless, two incidents this close to each other expose a dangerous pattern: South Korean authorities have been seizing increasing amounts of cryptocurrency since the courts recognized digital assets as properties subject to forfeiture, but the institutions responsible for custody seem to lack the technical infrastructure, expertise, and protocols to properly secure and manage these assets.
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News of the latest loss broke today, although the specific details about which department lost the funds and the exact circumstances surrounding the disappearance remain under investigation.
Concerns are now growing about the institutional readiness to secure the digital assets that the authorities are confiscating.
South Korean police lost 22 BTC from seized assets in February
Less than a month after the reports emerged about the prosecutors’ office BTC loss, the Gangnam Police Station revealed on February 13, 2026, that it had lost 22 Bitcoin tokens worth around 2.1 billion won ($1.5 million) from assets seized in criminal investigations.
Although the amount is smaller than the earlier loss, the police incident carries added weight since it is the second major custody failure in such a short period.
Apparently, the police loss was discovered during a nationwide audit of law enforcement cryptocurrency holdings (triggered by the prosecutors’ earlier loss), although the exact timing of when the Bitcoin actually disappeared remains under investigation.
The funds, stored in a USB wallet as well, were surrendered to Gangnam investigators in November 2021 as part of a criminal investigation that was later suspended. As such, the wallet sat unmonitored for years while the investigation went dormant.
When auditors finally checked the wallet during the nationwide inspection, they discovered the USB remained exactly where it was kept, but the 22 BTC that was supposed to be inside was completely wiped out.
The lack of transparency around basic details like when exactly the funds disappeared and which custody method was being used is a similar concern shared with the prosecutors’ incident as well.
Even in the prosecutors’ case, officials had declined to confirm the exact amount lost at first and only acknowledged the scale after media pressure.
Prosecutors lost $48 million just weeks earlier
Today’s loss came barely a month after an even larger disaster at the Gwangju District Prosecutors’ Office. On January 28, 320 BTC, valued at approximately $48 million (70 billion won at the time), was reported missing.
The prosecutors launched an internal audit targeting five inspectors tasked with managing the seized assets, with the possibility of criminal charges if any suspicious activity is discovered.
According to various sources, the Bitcoin in question was confiscated from a woman who went by the title “A” who was indicted alongside her father for running an online Bitcoin gambling site between 2018 and the time of seizure.
Apparently, the 320 BTC seized was part of approximately 1,800 BTC that A smuggled into South Korea and hid domestically. The remaining amount was allegedly stolen by another unidentified individual who accessed A’s blockchain account before the authorities could get to it.
USB storage and verification failures are common factors in both incidents
Both the prosecutor and police incidents share common concerns that point more towards systemic institutional failure than isolated events. In both cases, authorities relied on USB hardware wallets, but while these wallets are generally considered secure for individual users, they still require technical knowledge to protect the keys they hold.
Analysts noted several custody failures that could apply to both incidents. First, if the authorities simply confiscated the USB devices without transferring the Bitcoin to separate government-controlled wallets, the original owners could withdraw their assets using backup private keys stored elsewhere (suggesting that the seizure was incomplete from the start).
Secondly, if custody wallets were created on internet-connected computers, then the private keys could have been exposed from the moment of generation.
Finally, storing wallet passwords or private keys on the same USB devices or in easily accessible locations creates vulnerabilities. If employees access these credentials consistently, each verification creates an opportunity for phishing attacks and credential exposure.
Professional custody firms use multi-signature wallets requiring multiple independent approvals for any transaction, hardware security modules that cannot be easily compromised, and protocols that separate verification from access.
Nonetheless, two incidents this close to each other expose a dangerous pattern: South Korean authorities have been seizing increasing amounts of cryptocurrency since the courts recognized digital assets as properties subject to forfeiture, but the institutions responsible for custody seem to lack the technical infrastructure, expertise, and protocols to properly secure and manage these assets.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.
IIF warns UK stablecoin rules may hurt competitiveness against MiCA
The Institute of International Finance (IIF) formally responded to the Bank of England (BoE) regulatory consultation in a comment letter submitted on Tuesday. The letter covered topics such as capital norms, cross-border supervision, and reserve-asset requirements.
The response came as UK policymakers considered rules for sterling-denominated stablecoins.
The Bank of England launched a consultation late last year to determine how systemic sterling-backed stablecoins should be regulated if used extensively for payments.
According to the BoE, stablecoins could enable faster, cheaper, and more efficient payments if widely adopted in the UK. The Bank’s mandate was expanded under the Financial Services and Markets Act of 2023 to include digital settlement assets, such as systemic stablecoins, that may affect financial stability.
BoE stablecoin framework draws industry scrutiny and debate
The central banks’ report revealed that these tokens would be jointly supervised by the Bank and the Financial Conduct Authority, following HM Treasury’s identification of them as systemically important.
HM Treasury assesses whether a payment system or service provider poses a systemic risk.
Issuers would be subject to the Banking Act’s oversight authorities once designated. This includes the ability to request information, establish rules, and take enforcement action against non-compliance.
Stablecoins widely used for retail or corporate payments would be subject to joint Bank and FCA regulation. According to the BoE, non-systemic tokens or those mainly used for crypto trading would fall under FCA-only supervision.
The Bank further proposed specific reserve requirements for systemic stablecoin issuers to ensure these regulations achieve stability and liquidity. It proposed that issuers keep up to 60% of short-term UK government debt and at least 40% of underlying assets as unpaid central bank deposits. The officials claimed that the split of 60% and 40% would maintain liquidity while permitting issuers to earn modest returns.
UK policymakers, however, refused to permit a larger share of the national debt, up to 60%. They claimed that if issuers didn’t have enough cash on hand to fulfil quick redemption demands, doing so may erode confidence.
The Bank of England argued that the 40% deposit provides instant liquidity in the event of a market shock and reflects stress-scenario withdrawal calculations.
The IFF questioned whether the Bank’s proposed 40% non-interest-bearing backing requirement would be competitive with other regimes, such as Europe’s MiCA framework.
The industry advocacy group also voiced doubts about the viability of imposing restrictions on permissionless blockchains, along with calling for more precise definitions of terms like “digital settlement” and “qualifying stablecoin.”
The industry group recommended to BoE that it allow alternative remunerated assets, such as commercial bank deposits or special-purpose money market funds. BoE should cooperate with global norms and the UK’s Financial Conduct Authority’s regulations regarding non-systemic tokens. It also advocated for more transparent criteria for scenario testing and greater freedom for internal modelling methodologies. The IFF further proposed alignment with international regulatory frameworks to prevent arbitrage between bank-affiliated and non-bank issuers.
UK launches stablecoin inquiry, invites industry feedback
The UK is stepping up its scrutiny of the cryptocurrency industry with a new parliamentary investigation into stablecoins and central bank-level discussions on deposit protection currently in progress.
The House of Lords Financial Services Regulation Committee invited submissions to its new inquiry on the growth and proposed regulations of stablecoins in the UK last month. The committee sought data on the opportunities and threats to the UK economy posed by he rise of stablecoins, which are valued in USD and GBP.
The committee also sought evidence on how the sterling-denominated stablecoin market in the UK is expected to develop in the coming years. They asked, “Are there any existing regulatory rules impacting the growth of stablecoins in the UK?”
Lord Forsyth of Drumlean, Chair of the Financial Services Regulation Committee, commented that the committee welcomes evidence and views from anyone with expertise or interest in this area.
The deadline for submitting written evidence will be 23:59 on Wednesday, 11 March 2026.
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The response came as UK policymakers considered rules for sterling-denominated stablecoins.
The Bank of England launched a consultation late last year to determine how systemic sterling-backed stablecoins should be regulated if used extensively for payments.
According to the BoE, stablecoins could enable faster, cheaper, and more efficient payments if widely adopted in the UK. The Bank’s mandate was expanded under the Financial Services and Markets Act of 2023 to include digital settlement assets, such as systemic stablecoins, that may affect financial stability.
BoE stablecoin framework draws industry scrutiny and debate
The central banks’ report revealed that these tokens would be jointly supervised by the Bank and the Financial Conduct Authority, following HM Treasury’s identification of them as systemically important.
HM Treasury assesses whether a payment system or service provider poses a systemic risk.
Issuers would be subject to the Banking Act’s oversight authorities once designated. This includes the ability to request information, establish rules, and take enforcement action against non-compliance.
Stablecoins widely used for retail or corporate payments would be subject to joint Bank and FCA regulation. According to the BoE, non-systemic tokens or those mainly used for crypto trading would fall under FCA-only supervision.
The Bank further proposed specific reserve requirements for systemic stablecoin issuers to ensure these regulations achieve stability and liquidity. It proposed that issuers keep up to 60% of short-term UK government debt and at least 40% of underlying assets as unpaid central bank deposits. The officials claimed that the split of 60% and 40% would maintain liquidity while permitting issuers to earn modest returns.
UK policymakers, however, refused to permit a larger share of the national debt, up to 60%. They claimed that if issuers didn’t have enough cash on hand to fulfil quick redemption demands, doing so may erode confidence.
The Bank of England argued that the 40% deposit provides instant liquidity in the event of a market shock and reflects stress-scenario withdrawal calculations.
The IFF questioned whether the Bank’s proposed 40% non-interest-bearing backing requirement would be competitive with other regimes, such as Europe’s MiCA framework.
The industry advocacy group also voiced doubts about the viability of imposing restrictions on permissionless blockchains, along with calling for more precise definitions of terms like “digital settlement” and “qualifying stablecoin.”
The industry group recommended to BoE that it allow alternative remunerated assets, such as commercial bank deposits or special-purpose money market funds. BoE should cooperate with global norms and the UK’s Financial Conduct Authority’s regulations regarding non-systemic tokens. It also advocated for more transparent criteria for scenario testing and greater freedom for internal modelling methodologies. The IFF further proposed alignment with international regulatory frameworks to prevent arbitrage between bank-affiliated and non-bank issuers.
UK launches stablecoin inquiry, invites industry feedback
The UK is stepping up its scrutiny of the cryptocurrency industry with a new parliamentary investigation into stablecoins and central bank-level discussions on deposit protection currently in progress.
The House of Lords Financial Services Regulation Committee invited submissions to its new inquiry on the growth and proposed regulations of stablecoins in the UK last month. The committee sought data on the opportunities and threats to the UK economy posed by he rise of stablecoins, which are valued in USD and GBP.
The committee also sought evidence on how the sterling-denominated stablecoin market in the UK is expected to develop in the coming years. They asked, “Are there any existing regulatory rules impacting the growth of stablecoins in the UK?”
Lord Forsyth of Drumlean, Chair of the Financial Services Regulation Committee, commented that the committee welcomes evidence and views from anyone with expertise or interest in this area.
The deadline for submitting written evidence will be 23:59 on Wednesday, 11 March 2026.
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Russia’s daily crypto turnover nears $650 million
Millions of Russians are engaged in transactions involving cryptocurrencies for tens of billions of rubles every day, according to a top finance ministry official in Moscow.
Usage is constantly increasing, the high-ranking representative of the department acknowledged amid preparations for comprehensive regulation of crypto operations in Russia this next spring.
Russia’s daily crypto turnover nears $650 million
The total volume of crypto-related transactions in Russia is approximately 50 billion rubles (over $647 million) per day, according to an estimate made public by the country’s Deputy Minister of Finance Ivan Chebeskov.
Speaking at a conference devoted to the country’s expanding market for digital assets, and quoted by the official TASS news agency, he stated:
“The use of cryptocurrency in the country has only grown. We’ve always said that millions of citizens are involved in this activity, representing trillions of rubles … Cryptocurrency turnover in our country is approximately 50 billion rubles a day.”
Chebeskov was addressing participants in an Alfa Talk forum under the motto “Digital Financial Assets: New Market Architecture.” Alfa Talk events are organized by Alfa-Bank, Russia’s largest private bank by assets and accounts.
The registered growth signals significant interest among Russians in digital assets as a savings tool, the government representative elaborated. The Minfin official also reminded that the ministry has repeatedly highlighted the scale of the crypto market.
As per a report by the business daily Kommersant, he also noted that most of the activity in this space is currently occurring without regulation and outside of Moscow’s control.
Taking that into account, his department is preparing to start closely monitoring cryptocurrency traders, the Moskovsky Komsomolec newspaper quoted him as saying.
Bill regulating crypto to be submitted in March
A draft law designed to regulate cryptocurrency transactions may be ready within a couple of weeks and filed with the lower house of the Russian parliament next month, Ivan Chebeskov also said.
“Regarding its submission to the State Duma, I think we should complete regulatory procedures within the next two weeks. There are strict deadlines. I think it should happen in March,” he announced.
Meanwhile, it became clear that the Bank of Russia and the Federal Government expect the legislation to be adopted during the spring session of the chamber.
In a statement at the same Alfa Talk conference, the central bank’s First Deputy Governor Vladimir Chistyukhin emphasized:
“The government and I would very much like to see the law passed during the spring session.”
He expressed hope that an institutional consensus in that regard is possible. Approving the legal framework in the first half of the year will give market participants a long enough transition period to allow them to obtain necessary licenses and prepare the documentation needed to begin operations.
Legislative efforts in Moscow aim to implement a new regulatory concept for crypto assets and related activities, released by the monetary authority in late December.
The proposal envisages recognizing decentralized digital currencies like Bitcoin and fiat-pegged stablecoins as “currency assets” and expanding investor access to them and their derivatives.
Under the upcoming legal framework, which must be adopted by July 1 at the latest, Russia’s existing financial infrastructure will be used to process crypto transactions.
Traditional players such as banks and brokers will be allowed to do that under their existing licenses, while pure crypto platforms will have to apply for authorization separately.
Quoted by the Vedomosti daily on Thursday, the Chairman of the Supervisory Board of the Moscow Exchange (MOEX), Sergey Shvetsov, indicated the platform intends to try to take over some of the massive crypto turnover, as soon as that’s legally possible.
Russians currently pay approximately $15 billion in commissions to foreign-based crypto exchanges or coin trading venues operating in the gray sector of the economy, he noted.
“Comparing our profit of approximately $1 billion annually with this $15 billion, which we have the chance to partially return to the legal zone, it may represent a significant increase in the profitability of infrastructure organizations,” Shvetsov remarked.
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Usage is constantly increasing, the high-ranking representative of the department acknowledged amid preparations for comprehensive regulation of crypto operations in Russia this next spring.
Russia’s daily crypto turnover nears $650 million
The total volume of crypto-related transactions in Russia is approximately 50 billion rubles (over $647 million) per day, according to an estimate made public by the country’s Deputy Minister of Finance Ivan Chebeskov.
Speaking at a conference devoted to the country’s expanding market for digital assets, and quoted by the official TASS news agency, he stated:
“The use of cryptocurrency in the country has only grown. We’ve always said that millions of citizens are involved in this activity, representing trillions of rubles … Cryptocurrency turnover in our country is approximately 50 billion rubles a day.”
Chebeskov was addressing participants in an Alfa Talk forum under the motto “Digital Financial Assets: New Market Architecture.” Alfa Talk events are organized by Alfa-Bank, Russia’s largest private bank by assets and accounts.
The registered growth signals significant interest among Russians in digital assets as a savings tool, the government representative elaborated. The Minfin official also reminded that the ministry has repeatedly highlighted the scale of the crypto market.
As per a report by the business daily Kommersant, he also noted that most of the activity in this space is currently occurring without regulation and outside of Moscow’s control.
Taking that into account, his department is preparing to start closely monitoring cryptocurrency traders, the Moskovsky Komsomolec newspaper quoted him as saying.
Bill regulating crypto to be submitted in March
A draft law designed to regulate cryptocurrency transactions may be ready within a couple of weeks and filed with the lower house of the Russian parliament next month, Ivan Chebeskov also said.
“Regarding its submission to the State Duma, I think we should complete regulatory procedures within the next two weeks. There are strict deadlines. I think it should happen in March,” he announced.
Meanwhile, it became clear that the Bank of Russia and the Federal Government expect the legislation to be adopted during the spring session of the chamber.
In a statement at the same Alfa Talk conference, the central bank’s First Deputy Governor Vladimir Chistyukhin emphasized:
“The government and I would very much like to see the law passed during the spring session.”
He expressed hope that an institutional consensus in that regard is possible. Approving the legal framework in the first half of the year will give market participants a long enough transition period to allow them to obtain necessary licenses and prepare the documentation needed to begin operations.
Legislative efforts in Moscow aim to implement a new regulatory concept for crypto assets and related activities, released by the monetary authority in late December.
The proposal envisages recognizing decentralized digital currencies like Bitcoin and fiat-pegged stablecoins as “currency assets” and expanding investor access to them and their derivatives.
Under the upcoming legal framework, which must be adopted by July 1 at the latest, Russia’s existing financial infrastructure will be used to process crypto transactions.
Traditional players such as banks and brokers will be allowed to do that under their existing licenses, while pure crypto platforms will have to apply for authorization separately.
Quoted by the Vedomosti daily on Thursday, the Chairman of the Supervisory Board of the Moscow Exchange (MOEX), Sergey Shvetsov, indicated the platform intends to try to take over some of the massive crypto turnover, as soon as that’s legally possible.
Russians currently pay approximately $15 billion in commissions to foreign-based crypto exchanges or coin trading venues operating in the gray sector of the economy, he noted.
“Comparing our profit of approximately $1 billion annually with this $15 billion, which we have the chance to partially return to the legal zone, it may represent a significant increase in the profitability of infrastructure organizations,” Shvetsov remarked.
Claim your free seat in an exclusive crypto trading community - limited to 1,000 members.
Baidu integrates OpenClaw AI agent throughout its main search app
Baidu is adding the AI agent OpenClaw to its main smartphone search app starting Friday. Users who join the new feature will be able to message the tool directly inside the app. It can help with tasks like writing code, planning schedules, and sorting digital files.
This is the first time OpenClaw will be available outside of messaging platforms like WhatsApp or Telegram. It was originally developed in Austria and released as open-source software.
Until now, people had to use separate apps to run it. Baidu, along with Tencent and Alibaba, already allowed OpenClaw on their cloud systems, but this update brings it directly to one of China’s biggest consumer apps.
Baidu expands OpenClaw access across app and e-commerce
Baidu says its main search app has around 700 million monthly active users. This new launch means a large portion of them could soon be using OpenClaw daily.
A spokesperson from Baidu said, “Users will be able to use OpenClaw inside our search app to complete daily tasks quickly.” It’s not stopping there either. The company is also integrating OpenClaw into other areas like e-commerce and digital services.
Competitor Alibaba has already pushed ahead with its own chatbot, Qwen, inside apps like Taobao and Fliggy.In the six days through February 11, it claims the bot helped process over 120 million customer orders.
Shoppers using Qwen get product suggestions, compare them, and pay through Alipay without leaving the app.
But not everyone is cheering for these tools. Cybersecurity firm CrowdStrike warned that tools like OpenClaw could be risky. “Giving these AI agents full access to business systems is dangerous,” the firm said. That warning comes as more companies jump to connect everything to AI.
BaiduWiki, Ernie Assistant, and the push for global reach
While working on OpenClaw access, Baidu also quietly launched a new project called BaiduWiki earlier this week. It’s a Wikipedia-style platform available in five languages: English, Spanish, French, Russian, and Japanese. Records from the Wayback Machine show the site went live Monday.
A now-deleted post from Baidu’s account on X said the new tool was the “international version” of its older encyclopedia platform, Baidu Baike, which started in 2008.
The company claims it already has over 1 million entries on BaiduWiki, all translated using several AI agents. By comparison, Baidu Baike had 30 million articles in Chinese as of January.
At the same time, the company also updated its Ernie Assistant with a new global search tool. That gives its 200 million users direct access to things like travel information and global landmarks. Analysts say this is a major part of Baidu’s strategy to close the information gap between local users in China and international readers.
Zhang Yi, who runs the research firm iiMedia, said the tool helps Chinese companies go global. “There’s always been a language problem for local firms trying to expand. This might solve that,” he said. The company also plans to expand global search into fields like technology and academics, based on reporting from Shanghai Securities News, a state-run outlet.
These changes could help boost many of Baidu’s businesses beyond China. That includes AI, cloud services, and advertising, which all rely on growing international user bases. Analysts say this is part of a much larger expansion push.
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This is the first time OpenClaw will be available outside of messaging platforms like WhatsApp or Telegram. It was originally developed in Austria and released as open-source software.
Until now, people had to use separate apps to run it. Baidu, along with Tencent and Alibaba, already allowed OpenClaw on their cloud systems, but this update brings it directly to one of China’s biggest consumer apps.
Baidu expands OpenClaw access across app and e-commerce
Baidu says its main search app has around 700 million monthly active users. This new launch means a large portion of them could soon be using OpenClaw daily.
A spokesperson from Baidu said, “Users will be able to use OpenClaw inside our search app to complete daily tasks quickly.” It’s not stopping there either. The company is also integrating OpenClaw into other areas like e-commerce and digital services.
Competitor Alibaba has already pushed ahead with its own chatbot, Qwen, inside apps like Taobao and Fliggy.In the six days through February 11, it claims the bot helped process over 120 million customer orders.
Shoppers using Qwen get product suggestions, compare them, and pay through Alipay without leaving the app.
But not everyone is cheering for these tools. Cybersecurity firm CrowdStrike warned that tools like OpenClaw could be risky. “Giving these AI agents full access to business systems is dangerous,” the firm said. That warning comes as more companies jump to connect everything to AI.
BaiduWiki, Ernie Assistant, and the push for global reach
While working on OpenClaw access, Baidu also quietly launched a new project called BaiduWiki earlier this week. It’s a Wikipedia-style platform available in five languages: English, Spanish, French, Russian, and Japanese. Records from the Wayback Machine show the site went live Monday.
A now-deleted post from Baidu’s account on X said the new tool was the “international version” of its older encyclopedia platform, Baidu Baike, which started in 2008.
The company claims it already has over 1 million entries on BaiduWiki, all translated using several AI agents. By comparison, Baidu Baike had 30 million articles in Chinese as of January.
At the same time, the company also updated its Ernie Assistant with a new global search tool. That gives its 200 million users direct access to things like travel information and global landmarks. Analysts say this is a major part of Baidu’s strategy to close the information gap between local users in China and international readers.
Zhang Yi, who runs the research firm iiMedia, said the tool helps Chinese companies go global. “There’s always been a language problem for local firms trying to expand. This might solve that,” he said. The company also plans to expand global search into fields like technology and academics, based on reporting from Shanghai Securities News, a state-run outlet.
These changes could help boost many of Baidu’s businesses beyond China. That includes AI, cloud services, and advertising, which all rely on growing international user bases. Analysts say this is part of a much larger expansion push.
If you're reading this, you’re already ahead. Stay there with our newsletter.
President Trump expected to ease on metal tariffs as elections draw close
President Donald Trump is getting ready to ease up on some of his steel and aluminum tariffs.
The White House is worried about rising prices and bad poll numbers with midterm elections coming up in November, three people close to the discussions told Financial Times.
The administration will look at what’s getting hit with tariffs and take some items off the list. Trump put duties up to 50% on metal imports last summer, then kept adding more products, washing machines, ovens, even pie tins and food cans.
The numbers tell the story. Over 70% of Americans say the economy is fair or poor right now, per Pew Research Center polling. Furthermore, 52% think his policies made things worse, not better.
Wednesday brought a political gut punch. Six Republicans voted with Democrats to overturn Trump’s Canada tariffs, 219-211. Trump went on social media, warning that Republicans who vote against tariffs would “seriously suffer the consequences come Election time.”
Didn’t work. Representative Don Bacon from Nebraska said the White House tried offering special deals for his state. He told them no. Most of the Republicans who broke ranks come from swing districts where voters and businesses are fed up with tariff costs.
Metal prices tumble as markets price in tariff relief
Aluminum prices dropped 1.9% Friday to $3,040.50 per ton, lowest in a week. Zinc, nickel, and lead all fell too. Traders are betting on easier trade rules ahead.
Mexico, Canada, the UK, and EU countries could catch a break if Trump follows through. But nobody knows the timeline or which products get relief.
The Commerce Department already missed its own 60-day deadline for approving new tariffs from October. Companies had asked for duties on mattresses, cake tins, bicycles. One company actually argued bread products were a “national security” issue because soldiers need them for a healthy diet.
The Supreme Court will decide soon if Trump can legally use emergency powers for these massive tariffs. If they say no, household costs could drop to $400 in 2026 instead of $1,300. Trump posted on Truth Social that this would mean “WE’RE SCREWED” because companies might want their tariff money back.
Americans foot the bill despite Trump’s claims
Trump won’t admit that Americans pay for tariffs, not foreign companies. The Tax Foundation found households got hit with an extra $1,000 last year. This year? That number goes up to $1,300.
The Federal Reserve Bank of New York put out research Thursday that backs this up with hard numbers. The average tariff rate on imports jumped to 13% in 2025 from just 2.6% at the start of the year. That’s a massive spike in less than 12 months.
The New York Fed’s analysis looked at who’s actually paying for Trump’s tariffs on goods from Mexico, China, Canada, and the European Union. The answer: 90% of the cost landed on U.S. companies. “US firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025,” the report said.
The Kiel Institute looked at over 25 million shipping records. They found Americans absorbed 96% of the tariff price increases. “The claim that foreign countries pay these tariffs is a myth,” said Julian Hinz, one of their researchers.
Cryptopolitan covered Trump’s habit of backing down when tariffs cause problems. Last May, he signaled he’d drop the 145% China duties after they backfired. The UK has been pushing Trump to follow through on a steel deal he promised, still waiting.
This fits a bigger problem. According to a Reuters report, Trump shelved multiple security actions against Chinese tech companies right before his planned April trip to Beijing.
Restrictions on China Telecom, TP-Link routers, and Chinese gear in U.S. data centers, all dropped. The administration let Biden’s limits on advanced chips to China go away. The TikTok deal went through with Chinese owners still involved.
Matt Pottinger, who was deputy national security advisor in Trump’s first term, put it bluntly: “At a moment when we are desperately trying to remove ourselves from Beijing’s leverage over rare-earth supply chains, it is ironic that we’re actually letting Beijing acquire new areas of leverage over the U.S. economy.”
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The White House is worried about rising prices and bad poll numbers with midterm elections coming up in November, three people close to the discussions told Financial Times.
The administration will look at what’s getting hit with tariffs and take some items off the list. Trump put duties up to 50% on metal imports last summer, then kept adding more products, washing machines, ovens, even pie tins and food cans.
The numbers tell the story. Over 70% of Americans say the economy is fair or poor right now, per Pew Research Center polling. Furthermore, 52% think his policies made things worse, not better.
Wednesday brought a political gut punch. Six Republicans voted with Democrats to overturn Trump’s Canada tariffs, 219-211. Trump went on social media, warning that Republicans who vote against tariffs would “seriously suffer the consequences come Election time.”
Didn’t work. Representative Don Bacon from Nebraska said the White House tried offering special deals for his state. He told them no. Most of the Republicans who broke ranks come from swing districts where voters and businesses are fed up with tariff costs.
Metal prices tumble as markets price in tariff relief
Aluminum prices dropped 1.9% Friday to $3,040.50 per ton, lowest in a week. Zinc, nickel, and lead all fell too. Traders are betting on easier trade rules ahead.
Mexico, Canada, the UK, and EU countries could catch a break if Trump follows through. But nobody knows the timeline or which products get relief.
The Commerce Department already missed its own 60-day deadline for approving new tariffs from October. Companies had asked for duties on mattresses, cake tins, bicycles. One company actually argued bread products were a “national security” issue because soldiers need them for a healthy diet.
The Supreme Court will decide soon if Trump can legally use emergency powers for these massive tariffs. If they say no, household costs could drop to $400 in 2026 instead of $1,300. Trump posted on Truth Social that this would mean “WE’RE SCREWED” because companies might want their tariff money back.
Americans foot the bill despite Trump’s claims
Trump won’t admit that Americans pay for tariffs, not foreign companies. The Tax Foundation found households got hit with an extra $1,000 last year. This year? That number goes up to $1,300.
The Federal Reserve Bank of New York put out research Thursday that backs this up with hard numbers. The average tariff rate on imports jumped to 13% in 2025 from just 2.6% at the start of the year. That’s a massive spike in less than 12 months.
The New York Fed’s analysis looked at who’s actually paying for Trump’s tariffs on goods from Mexico, China, Canada, and the European Union. The answer: 90% of the cost landed on U.S. companies. “US firms and consumers continue to bear the bulk of the economic burden of the high tariffs imposed in 2025,” the report said.
The Kiel Institute looked at over 25 million shipping records. They found Americans absorbed 96% of the tariff price increases. “The claim that foreign countries pay these tariffs is a myth,” said Julian Hinz, one of their researchers.
Cryptopolitan covered Trump’s habit of backing down when tariffs cause problems. Last May, he signaled he’d drop the 145% China duties after they backfired. The UK has been pushing Trump to follow through on a steel deal he promised, still waiting.
This fits a bigger problem. According to a Reuters report, Trump shelved multiple security actions against Chinese tech companies right before his planned April trip to Beijing.
Restrictions on China Telecom, TP-Link routers, and Chinese gear in U.S. data centers, all dropped. The administration let Biden’s limits on advanced chips to China go away. The TikTok deal went through with Chinese owners still involved.
Matt Pottinger, who was deputy national security advisor in Trump’s first term, put it bluntly: “At a moment when we are desperately trying to remove ourselves from Beijing’s leverage over rare-earth supply chains, it is ironic that we’re actually letting Beijing acquire new areas of leverage over the U.S. economy.”
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Sam Bankman-Fried sticks to FTX solvency claim in aggressive clemency push
Sam Bankman-Fried, the imprisoned founder of FTX, doubled down on social media efforts. He is spearheading a campaign to call for a retrial, with the major claim that FTX was never insolvent.
Sam Bankman-Fried continued his efforts in showing that the FTX trial and bankruptcy procedures were rushed, and that the exchange was never insolvent.
In the past few days, Bankman-Fried came out with a series of arguments on the value of FTX assets. While the creditors were paid out in cash, he also claimed the liquidation disguised the fact that the exchange had sufficient funds to restore anyone’s account in kind.
While the main goal of Bankman-Fried may be a retrial, recently, he inserted his name on the CFTC Innovation Advisory Committee, signed as the CEO of FTX 2.0.
wow what an honor pic.twitter.com/6zyoP6u3TK
— SBF (@SBF_FTX) February 13, 2026
Bankman-Fried’s supporters on X also called for a return, as a potential remedy to the slumping crypto market.
The idea of FTX 2.0 picked up steam, as a new token was launched, immediately rallying following the latest series of tweets by Bankman-Fried.
A new token was created, right after Sam Bankman-Fried signed himself as the CEO of FTX 2.0. For now, the token trades with extremely low liquidity. | Source: DexScreener
The token is more of a novelty, with just $30K in liquidity. The token is in its initial hours of trading and is actively promoted, aiming to rally a community behind the idea of giving Bankman-Fried influence in the crypto space another spin.
As with other new tokens, FTX 2.0 may have a brief life as a short-term meme or pick up based on community enthusiasm.
Sam Bankman-Fried points to potential unrealized gains
Bankman-Fried did not focus on crypto alone. He mentioned that the Anthropic stake alone would have a fair value of $30B based on current valuations once the company completes its funding.
In total, the FTX liquidation distributed between $14B and $16B to creditors, after rapidly selling off crypto assets. At the same time, Bankman-Fried estimated that as of September 2025, the exchange sat on up to $136B, if taking into account the new value of assets.
https://t.co/0InmA4czLx pic.twitter.com/nXMb1d4Zyv
— SBF (@SBF_FTX) February 13, 2026
Despite the early calls and stakes in key companies, Bankman-Fried is still locked in a 25-year sentence, finding no leniency with the Biden administration. The main goal of the recent solvency claims is to call for a new trial and a new look at the exchange’s holdings.
Bankman-Fried also spread a new document from his side of the case, with no official presentation. The document is supposed to give clarity on the assets deposited and contained within FTX and potentially available to continue operations.
Sam Bankman-Fried seeks leniency with the Trump administration
The activities of FTX were often linked to donations and effective altruism. Bankman-Fried was known for generous political donations, for an estimated amount of up to $100M. Most went to Democrat causes, with smaller donations for Republicans.
Despite this, the Biden administration took into account the rapid crash of value on FTX, leading to a filing for bankruptcy without the input of Bankman-Fried.
Bankman-Fried even praised the more lenient approach of the Trump administration, which brought Polymarket and other crypto companies back on US soil. Despite never being in full support of Republican ideas, the FTX founder seems to have switched allegiance, at least when it comes to crypto regulations.
Earlier, Bankman-Fried directly said Biden had “bungled” crypto.
Odds of pardoning Bankman-Fried rise over 20%
The ongoing, rather loud campaign from Bankman-Fried has moved the needle on the odds of being pardoned, at least by the end of 2027.
On Polymarket, the odds rose up to 22% in the past few days, coinciding with the social media noise. However, the market remains small, with under $17,000 in value locked.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.
Sam Bankman-Fried continued his efforts in showing that the FTX trial and bankruptcy procedures were rushed, and that the exchange was never insolvent.
In the past few days, Bankman-Fried came out with a series of arguments on the value of FTX assets. While the creditors were paid out in cash, he also claimed the liquidation disguised the fact that the exchange had sufficient funds to restore anyone’s account in kind.
While the main goal of Bankman-Fried may be a retrial, recently, he inserted his name on the CFTC Innovation Advisory Committee, signed as the CEO of FTX 2.0.
wow what an honor pic.twitter.com/6zyoP6u3TK
— SBF (@SBF_FTX) February 13, 2026
Bankman-Fried’s supporters on X also called for a return, as a potential remedy to the slumping crypto market.
The idea of FTX 2.0 picked up steam, as a new token was launched, immediately rallying following the latest series of tweets by Bankman-Fried.
A new token was created, right after Sam Bankman-Fried signed himself as the CEO of FTX 2.0. For now, the token trades with extremely low liquidity. | Source: DexScreener
The token is more of a novelty, with just $30K in liquidity. The token is in its initial hours of trading and is actively promoted, aiming to rally a community behind the idea of giving Bankman-Fried influence in the crypto space another spin.
As with other new tokens, FTX 2.0 may have a brief life as a short-term meme or pick up based on community enthusiasm.
Sam Bankman-Fried points to potential unrealized gains
Bankman-Fried did not focus on crypto alone. He mentioned that the Anthropic stake alone would have a fair value of $30B based on current valuations once the company completes its funding.
In total, the FTX liquidation distributed between $14B and $16B to creditors, after rapidly selling off crypto assets. At the same time, Bankman-Fried estimated that as of September 2025, the exchange sat on up to $136B, if taking into account the new value of assets.
https://t.co/0InmA4czLx pic.twitter.com/nXMb1d4Zyv
— SBF (@SBF_FTX) February 13, 2026
Despite the early calls and stakes in key companies, Bankman-Fried is still locked in a 25-year sentence, finding no leniency with the Biden administration. The main goal of the recent solvency claims is to call for a new trial and a new look at the exchange’s holdings.
Bankman-Fried also spread a new document from his side of the case, with no official presentation. The document is supposed to give clarity on the assets deposited and contained within FTX and potentially available to continue operations.
Sam Bankman-Fried seeks leniency with the Trump administration
The activities of FTX were often linked to donations and effective altruism. Bankman-Fried was known for generous political donations, for an estimated amount of up to $100M. Most went to Democrat causes, with smaller donations for Republicans.
Despite this, the Biden administration took into account the rapid crash of value on FTX, leading to a filing for bankruptcy without the input of Bankman-Fried.
Bankman-Fried even praised the more lenient approach of the Trump administration, which brought Polymarket and other crypto companies back on US soil. Despite never being in full support of Republican ideas, the FTX founder seems to have switched allegiance, at least when it comes to crypto regulations.
Earlier, Bankman-Fried directly said Biden had “bungled” crypto.
Odds of pardoning Bankman-Fried rise over 20%
The ongoing, rather loud campaign from Bankman-Fried has moved the needle on the odds of being pardoned, at least by the end of 2027.
On Polymarket, the odds rose up to 22% in the past few days, coinciding with the social media noise. However, the market remains small, with under $17,000 in value locked.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.
Brazilian Congress revives bill to acquire 1M BTC for strategic Bitcoin reserve
The Brazilian Congress has reintroduced bill 4501of 2024, proposing the acquisition of up to 1 million BTC for Brazil’s strategic Bitcoin reserve. The bill significantly expands the scope of the previous document, establishing that RESbit (Strategic Sovereign Bitcoin Reserve) will accumulate the BTC over 5 years.
Initially, the bill proposed spending up to 5% of Brazil’s foreign reserves to diversify the national treasury’s assets with an asset immune to inflation. The asset should also be immune from third-party confiscation, which the country’s central bank will manage as part of the national treasury.
Additionally, the bill proposes a range of changes, including incentivizing company Bitcoin holdings and mining, accepting Bitcoin payments for federal taxes, and banning the sale of Bitcoin seized by judicial authorities.
It also establishes that the reserve should serve as an asset diversification mechanism, reducing reliance on traditional assets.
Federal Deputy says bill proposes $68B expenditure for 1M BTC
Luiz Gastão, a Federal Deputy for the state of Ceará, emphasizes that the bill will include spending at least $68 billion for the 1 million BTC acquisition plan if approved by the necessary commissions and passed by the Brazilian Congress. The BTC stash would exceed the reserves of nations like the U.S. and China.
Deputy Gastão also stresses that the bill guarantees fundamental rights related to the use and custody of digital assets. These include the right to self-custody, the free transfer of assets, and the confidentiality of transactions, except when express authorization or a specific court order is issued.
However, it faces conflict with current central bank regulations, which do not yet recognize BTC as a reserve asset. Any administrative action restricting transfers to user-controlled wallets shall also be declared null and void.
According to Gastão, these guarantees are essential to stimulate investment, consolidate an innovative economic ecosystem, and create legal certainty. The text also argues that protecting individual autonomy in the digital environment is compatible with the goals of preserving public funds and strengthening the population’s purchasing power.
Meanwhile, in addition to direct BTC purchases, the bill authorizes other forms of accumulation, such as collecting taxes paid in Bitcoin, temporarily holding shares of BTC-backed spot ETFs in emergencies, and even hoarding by public companies.
On the other hand, the management of these assets would be divided between Brazil’s central bank and the Ministry of Finance. The Internal Revenue Service would have 12 months after the law is enacted to create the necessary technological infrastructure.
The next steps include analysis by the Finance and Taxation Committee, the Constitution and Justice Committee, and the Science, Technology, and Innovation Committee.
Bill proposes using Bitcoin as Drex collateral
Bill 4501/2024 further proposes that Bitcoin serve as collateral for the digital real (Drex), the Brazilian central bank’s digital currency. The law, if enacted, positions Bitcoin as both an investment and a tool for monetary sovereignty.
Meanwhile, the author of the bill, Congressman Eros Biondini (PL-MG), who has also been advocating for the crypto market in Congress, recognizes the scarcity and security properties of the Bitcoin network. He considers these characteristics superior or complementary to traditional gold and dollar reserves.
Additionally, the Brazilian central bank would be required to publish semi-annual reports about the project to the National Congress. The documents will detail the state-owned portfolio’s custody, transactions, and performance.
There are also plans to partner with international organizations to exchange best-practice experiences. Article 6 addresses the accountability of RESBit managers, providing for administrative and criminal sanctions for mismanagement or non-compliance with the law’s regulations, including the obligation to reimburse public funds.
The Executive Branch must carry out the regulation of the future law within 180 days of its publication.
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Initially, the bill proposed spending up to 5% of Brazil’s foreign reserves to diversify the national treasury’s assets with an asset immune to inflation. The asset should also be immune from third-party confiscation, which the country’s central bank will manage as part of the national treasury.
Additionally, the bill proposes a range of changes, including incentivizing company Bitcoin holdings and mining, accepting Bitcoin payments for federal taxes, and banning the sale of Bitcoin seized by judicial authorities.
It also establishes that the reserve should serve as an asset diversification mechanism, reducing reliance on traditional assets.
Federal Deputy says bill proposes $68B expenditure for 1M BTC
Luiz Gastão, a Federal Deputy for the state of Ceará, emphasizes that the bill will include spending at least $68 billion for the 1 million BTC acquisition plan if approved by the necessary commissions and passed by the Brazilian Congress. The BTC stash would exceed the reserves of nations like the U.S. and China.
Deputy Gastão also stresses that the bill guarantees fundamental rights related to the use and custody of digital assets. These include the right to self-custody, the free transfer of assets, and the confidentiality of transactions, except when express authorization or a specific court order is issued.
However, it faces conflict with current central bank regulations, which do not yet recognize BTC as a reserve asset. Any administrative action restricting transfers to user-controlled wallets shall also be declared null and void.
According to Gastão, these guarantees are essential to stimulate investment, consolidate an innovative economic ecosystem, and create legal certainty. The text also argues that protecting individual autonomy in the digital environment is compatible with the goals of preserving public funds and strengthening the population’s purchasing power.
Meanwhile, in addition to direct BTC purchases, the bill authorizes other forms of accumulation, such as collecting taxes paid in Bitcoin, temporarily holding shares of BTC-backed spot ETFs in emergencies, and even hoarding by public companies.
On the other hand, the management of these assets would be divided between Brazil’s central bank and the Ministry of Finance. The Internal Revenue Service would have 12 months after the law is enacted to create the necessary technological infrastructure.
The next steps include analysis by the Finance and Taxation Committee, the Constitution and Justice Committee, and the Science, Technology, and Innovation Committee.
Bill proposes using Bitcoin as Drex collateral
Bill 4501/2024 further proposes that Bitcoin serve as collateral for the digital real (Drex), the Brazilian central bank’s digital currency. The law, if enacted, positions Bitcoin as both an investment and a tool for monetary sovereignty.
Meanwhile, the author of the bill, Congressman Eros Biondini (PL-MG), who has also been advocating for the crypto market in Congress, recognizes the scarcity and security properties of the Bitcoin network. He considers these characteristics superior or complementary to traditional gold and dollar reserves.
Additionally, the Brazilian central bank would be required to publish semi-annual reports about the project to the National Congress. The documents will detail the state-owned portfolio’s custody, transactions, and performance.
There are also plans to partner with international organizations to exchange best-practice experiences. Article 6 addresses the accountability of RESBit managers, providing for administrative and criminal sanctions for mismanagement or non-compliance with the law’s regulations, including the obligation to reimburse public funds.
The Executive Branch must carry out the regulation of the future law within 180 days of its publication.
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ByteDance weighs $6B Moonton sale to Saudi-backed Savvy Games
Chinese tech giant, ByteDance has engaged in discussions with Saudi Arabia’s Savvy Games Group regarding the sale of Shanghai Moonton Technology, the developer of the widely played mobile title Mobile Legends: Bang Bang.
Officials have reportedly placed a value on the transaction worth approximately $6 billion to $7 billion. People familiar with the matter say ByteDance is close to selling Shanghai Moonton Technology, with an agreement possible as soon as this quarter.
A successful completion of this sale would put it as one of the largest cross-border transactions in the history of Chinese video games and would be a major milestone in Saudi Arabia’s efforts to promote interactive entertainment.
Transaction signals ByteDance retreat from games
According to people close to the negotiations cited by Reuters, they are at an advanced stage and have tentatively reached priority agreements concerning the essential terms of the transaction. However, nothing has yet to be formally executed.
Both ByteDance and Savvy Games Group have kept their comments confidential and have asked that their identities be withheld, citing a lack of clearance to discuss the media.
ByteDance’s ongoing talks come following its reduced focus on video gaming as a result of the difficulty in competing against larger players like Tencent, which requires significant investments.
ByteDance is cutting back on game development by selling off or trimming its assets and cutting the number of employees in the gaming division.
The acquisition of Moonton in 2021 was a significant investment at an estimated value of $4 billion, and Moonton continues to hold significant value within the entire company portfolio with an estimated 110 million active players.
About two years ago, it was reported that the Beijing-based company told employees that it would shut down most game projects. The company had since been reported to be in talks with multiple potential buyers for its video game operations, including Moonton, the video game studio it acquired for $4 billion in 2021.
The growth of mobile free-to-play games continues to provide an opportunity for continued participation in mobile gaming. Mobile gaming is still growing through esports in Southeast Asia.
Move advances Saudi global gaming strategy
Saudi Arabia’s Savvy Games Group has designs to become the largest video games and esports organization in the world with support from the Saudi government and its Public Investment Fund (PIF).
Savvy CEO Brian Ward said last year, “The geopolitical issues between the United States and China provided an opportunity for Savvy to reach agreements within the area.”
Savvy has previously developed extensive experience with Chinese and international acquisitions. One such example is the $265 million acquisition of Hero Esports in Shanghai, China.
As part of Crown Prince Mohammed bin Salman’s vision of diversifying Saudi Arabian industries, he wants to grow the gaming industry in Saudi Arabia, and he is a passionate video gamer himself.
The anticipated Moonton sale has vast significance to the global gaming industry because it represents accelerated competition for established franchises, a greater demand for live service expertise, and a growing number of loyal online gaming communities as capital-rich purchasers race to acquire scale in a consolidating marketplace.
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Officials have reportedly placed a value on the transaction worth approximately $6 billion to $7 billion. People familiar with the matter say ByteDance is close to selling Shanghai Moonton Technology, with an agreement possible as soon as this quarter.
A successful completion of this sale would put it as one of the largest cross-border transactions in the history of Chinese video games and would be a major milestone in Saudi Arabia’s efforts to promote interactive entertainment.
Transaction signals ByteDance retreat from games
According to people close to the negotiations cited by Reuters, they are at an advanced stage and have tentatively reached priority agreements concerning the essential terms of the transaction. However, nothing has yet to be formally executed.
Both ByteDance and Savvy Games Group have kept their comments confidential and have asked that their identities be withheld, citing a lack of clearance to discuss the media.
ByteDance’s ongoing talks come following its reduced focus on video gaming as a result of the difficulty in competing against larger players like Tencent, which requires significant investments.
ByteDance is cutting back on game development by selling off or trimming its assets and cutting the number of employees in the gaming division.
The acquisition of Moonton in 2021 was a significant investment at an estimated value of $4 billion, and Moonton continues to hold significant value within the entire company portfolio with an estimated 110 million active players.
About two years ago, it was reported that the Beijing-based company told employees that it would shut down most game projects. The company had since been reported to be in talks with multiple potential buyers for its video game operations, including Moonton, the video game studio it acquired for $4 billion in 2021.
The growth of mobile free-to-play games continues to provide an opportunity for continued participation in mobile gaming. Mobile gaming is still growing through esports in Southeast Asia.
Move advances Saudi global gaming strategy
Saudi Arabia’s Savvy Games Group has designs to become the largest video games and esports organization in the world with support from the Saudi government and its Public Investment Fund (PIF).
Savvy CEO Brian Ward said last year, “The geopolitical issues between the United States and China provided an opportunity for Savvy to reach agreements within the area.”
Savvy has previously developed extensive experience with Chinese and international acquisitions. One such example is the $265 million acquisition of Hero Esports in Shanghai, China.
As part of Crown Prince Mohammed bin Salman’s vision of diversifying Saudi Arabian industries, he wants to grow the gaming industry in Saudi Arabia, and he is a passionate video gamer himself.
The anticipated Moonton sale has vast significance to the global gaming industry because it represents accelerated competition for established franchises, a greater demand for live service expertise, and a growing number of loyal online gaming communities as capital-rich purchasers race to acquire scale in a consolidating marketplace.
Join a premium crypto trading community free for 30 days - normally $100/mo.
Goldman Sachs shares take pre-market pounding as top lawyer leaves over Epstein emails
Goldman Sachs shares fell 40 points in US Friday pre-market trading after its top legal officer said she would step down following public scrutiny over her ties to deceased sex offender Jeffrey Epstein.
Kathy Ruemmler, the bank’s general counsel, confirmed she will leave the Wall Street firm on June 30. Her decision follows the release of Justice Department documents revealing her communications with Epstein.
Goldman Sachs Group Inc. closed at $944 on Thursday, but is now down 4.24% at the time of this publication. The Dow Jones Industrial Average also dropped 669.42 points, or 1.34%, to 49,451.98. Stock market index S&P 500 fell 1.57% to 6,832.76, while the Nasdaq Composite slid 2.03% to 22,597.15.
Goldman Sachs counsel to step down after Epstein files reveal ties
Late Thursday, Ruemmler told the Financial Times that the attention on her had become untenable. “I made the determination that the media attention on me, relating to my prior work as a defence attorney, was becoming a distraction,” she said.
She also told Axios it was her “responsibility…to put Goldman Sachs’ interests first,” and informed Chief Executive David Solomon of her plans to quit. Solomon accepted the resignation and praised Ruemmler as “one of the most accomplished professionals in her field.”
“Throughout her tenure, Kathy has been an extraordinary general counsel, and we are grateful for her contributions and sound advice on a wide range of consequential legal matters for the firm,” Solomon said in a statement.
Earlier this business week, the Justice Department released more documents from its Epstein investigation. The documents showed Ruemmler was in contact with the sex offender before she joined Goldman Sachs.
In one of the emails covered by FT, Ruemmler asked Epstein if he was going to trade “one of his Russians” for her to get a job at Citadel. In another email chain, she forwarded messages to Epstein about an affair she had with one of his close associates.
The records also showed Epstein provided her with luxury gifts, including a Hermès handbag, Apple devices, spa treatments, haircuts, and plane tickets. “Am totally tricked out by Uncle Jeffrey today! Jeffrey boots, handbag, and watch!” she wrote in a January 2019 email.
Ruemmler insists she regrets knowing Epstein and was unaware of his criminal conduct. “I made decisions based on the information that was available to me. I have an enormous amount of sympathy and heartache for anyone who he hurt,” the outgoing bank lawyer told reporters.
Ruemmler served as White House Counsel under former President Barack Obama before joining Goldman Sachs. She later became one of the bank’s most senior executives and sat on internal committees on reputational risk and conduct.
Goldman Sachs in frenzy after Ruemmler’s ‘forced’ resignation
According to several current and former executives within the American bank, there is frustration towards how CEO Solomon has handled the news about Ruemmler. Some board members who are reportedly against Solomon’s support for Ruemmler said he could harm Goldman’s reputation.
“It’s a distraction, and it’s embarrassing,” said one person close to a board member before her resignation. “It’s not the board’s job to hire and fire people. That is the CEO’s role.”
Five former partners said they were surprised Solomon chose to publicly stand by Ruemmler, and expected the firm to distance itself more clearly from the controversy. Before her ties to Epstein became public, Ruemmler was internally liked for being disciplined, competent, and discreet.
The bank did not announce an immediate successor and has not revealed any interim leadership plans for its legal division.
Last week, at another law firm affected by the Epstein ordeal, Brad Karp stepped down as chair of Paul, Weiss, Rifkind, Wharton & Garrison after his ties to the sex trafficker appeared in the latest document release. Karp said the disclosures had placed all the focus on him, and “that is not in the best interests of the firm.”
In a 2015 email, Karp thanked Epstein for inviting him to “an evening I’ll never forget.” A 2016 email showed Karp asking for his assistance in securing a job for his son on the set of a Woody Allen film.
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Kathy Ruemmler, the bank’s general counsel, confirmed she will leave the Wall Street firm on June 30. Her decision follows the release of Justice Department documents revealing her communications with Epstein.
Goldman Sachs Group Inc. closed at $944 on Thursday, but is now down 4.24% at the time of this publication. The Dow Jones Industrial Average also dropped 669.42 points, or 1.34%, to 49,451.98. Stock market index S&P 500 fell 1.57% to 6,832.76, while the Nasdaq Composite slid 2.03% to 22,597.15.
Goldman Sachs counsel to step down after Epstein files reveal ties
Late Thursday, Ruemmler told the Financial Times that the attention on her had become untenable. “I made the determination that the media attention on me, relating to my prior work as a defence attorney, was becoming a distraction,” she said.
She also told Axios it was her “responsibility…to put Goldman Sachs’ interests first,” and informed Chief Executive David Solomon of her plans to quit. Solomon accepted the resignation and praised Ruemmler as “one of the most accomplished professionals in her field.”
“Throughout her tenure, Kathy has been an extraordinary general counsel, and we are grateful for her contributions and sound advice on a wide range of consequential legal matters for the firm,” Solomon said in a statement.
Earlier this business week, the Justice Department released more documents from its Epstein investigation. The documents showed Ruemmler was in contact with the sex offender before she joined Goldman Sachs.
In one of the emails covered by FT, Ruemmler asked Epstein if he was going to trade “one of his Russians” for her to get a job at Citadel. In another email chain, she forwarded messages to Epstein about an affair she had with one of his close associates.
The records also showed Epstein provided her with luxury gifts, including a Hermès handbag, Apple devices, spa treatments, haircuts, and plane tickets. “Am totally tricked out by Uncle Jeffrey today! Jeffrey boots, handbag, and watch!” she wrote in a January 2019 email.
Ruemmler insists she regrets knowing Epstein and was unaware of his criminal conduct. “I made decisions based on the information that was available to me. I have an enormous amount of sympathy and heartache for anyone who he hurt,” the outgoing bank lawyer told reporters.
Ruemmler served as White House Counsel under former President Barack Obama before joining Goldman Sachs. She later became one of the bank’s most senior executives and sat on internal committees on reputational risk and conduct.
Goldman Sachs in frenzy after Ruemmler’s ‘forced’ resignation
According to several current and former executives within the American bank, there is frustration towards how CEO Solomon has handled the news about Ruemmler. Some board members who are reportedly against Solomon’s support for Ruemmler said he could harm Goldman’s reputation.
“It’s a distraction, and it’s embarrassing,” said one person close to a board member before her resignation. “It’s not the board’s job to hire and fire people. That is the CEO’s role.”
Five former partners said they were surprised Solomon chose to publicly stand by Ruemmler, and expected the firm to distance itself more clearly from the controversy. Before her ties to Epstein became public, Ruemmler was internally liked for being disciplined, competent, and discreet.
The bank did not announce an immediate successor and has not revealed any interim leadership plans for its legal division.
Last week, at another law firm affected by the Epstein ordeal, Brad Karp stepped down as chair of Paul, Weiss, Rifkind, Wharton & Garrison after his ties to the sex trafficker appeared in the latest document release. Karp said the disclosures had placed all the focus on him, and “that is not in the best interests of the firm.”
In a 2015 email, Karp thanked Epstein for inviting him to “an evening I’ll never forget.” A 2016 email showed Karp asking for his assistance in securing a job for his son on the set of a Woody Allen film.
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Huione Guarantee puts up Telegram groups for sale as marketplace winds down
Huione Guarantee, one of the leading decentralized marketplaces suspected of laundering stolen stablecoins, is shedding more of its Telegram handles. Now, the group is moving away from its public gambling chat.
Huione Guarantee divested several of its Telegram handles after years of scrutiny from crypto investigators and authorities. The former marketplace was one of the key hubs for laundering stablecoins.
As Cryptopolitan reported recently, Huione Pay froze withdrawals at the end of 2025, causing chaos for related shop holders. The HWZF payment tool is also discontinued.
Recent research by the SlowMist team shows Huione Guarantee is still divesting Telegram assets. The group went through a series of rebrandings in an attempt to redeploy some of its services. The Haowang Guarantee remained the new hub for escrow payments for the Huione Group.
After Huione Group distanced itself from the Guarantee business, it sold off Telegram usernames. Now, the Huione Group is divesting some of its other public channels.
Huione auctions off multiple channels
One of the last remaining public groups of Huione Group, @feibo, announced an auction for a series of channels. Participants must deposit 10,000 USDT, refundable after the end of the auction.
The sale also aims to prevent spam by holding off spoof bids and reserving the right not to return the deposit.
The last public channel of Huione Guarantee is selling some of its last Telegram handles at an auction. | Source: Telegram
The most expensive group, with over 131K USDT in bids, is for gambling service ads. Other groups are just starting out or await to be repurposed.
USDT laundering risk is getting reorganized
After the takedown of the main activities of Huione Group, the threat of USDT laundering did not subside. Similar scams continue to operate, but spread to alternative P2P markets.
Liquidity is moving to new clusters, challenging researchers to locate addresses. Small shops and escrow services are one of the least traceable ways to transfer USDT. Even Tether itself and its financial crime unit have difficulties in tracing all transactions and wallets.
After a crackdown from authorities, Huione Pay activity slowed to zero, as traders and USDT launderers moved to alternative payment services. | Source: Dune Analytics
The activity of Huione Pay peaked in the summer of 2025, later stopping withdrawals and winding down following the crackdown from authorities. Huione Pay was one of the main tools for Telegram-based and online gambling, as well as USDT laundering.
After the shutdown of Huione Pay, up to 30 alternative entities emerged on Telegram, according to researchers from Eliptic.
Briefly, Tudou Guarantee was the selected marketplace for similar activities, but it also followed Huione in winding down its operations. Huione Guarantee also held a 30% stake in Tudou Guarantee, becoming the single biggest shareholder.
Currently, smaller dark markets are competing for a share of payments and potentially, laundering.
USDT marketplaces, using the TRON version of the stablecoin, have now been marked as a risk factor and are more closely watched for potential stablecoin laundering.
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Huione Guarantee divested several of its Telegram handles after years of scrutiny from crypto investigators and authorities. The former marketplace was one of the key hubs for laundering stablecoins.
As Cryptopolitan reported recently, Huione Pay froze withdrawals at the end of 2025, causing chaos for related shop holders. The HWZF payment tool is also discontinued.
Recent research by the SlowMist team shows Huione Guarantee is still divesting Telegram assets. The group went through a series of rebrandings in an attempt to redeploy some of its services. The Haowang Guarantee remained the new hub for escrow payments for the Huione Group.
After Huione Group distanced itself from the Guarantee business, it sold off Telegram usernames. Now, the Huione Group is divesting some of its other public channels.
Huione auctions off multiple channels
One of the last remaining public groups of Huione Group, @feibo, announced an auction for a series of channels. Participants must deposit 10,000 USDT, refundable after the end of the auction.
The sale also aims to prevent spam by holding off spoof bids and reserving the right not to return the deposit.
The last public channel of Huione Guarantee is selling some of its last Telegram handles at an auction. | Source: Telegram
The most expensive group, with over 131K USDT in bids, is for gambling service ads. Other groups are just starting out or await to be repurposed.
USDT laundering risk is getting reorganized
After the takedown of the main activities of Huione Group, the threat of USDT laundering did not subside. Similar scams continue to operate, but spread to alternative P2P markets.
Liquidity is moving to new clusters, challenging researchers to locate addresses. Small shops and escrow services are one of the least traceable ways to transfer USDT. Even Tether itself and its financial crime unit have difficulties in tracing all transactions and wallets.
After a crackdown from authorities, Huione Pay activity slowed to zero, as traders and USDT launderers moved to alternative payment services. | Source: Dune Analytics
The activity of Huione Pay peaked in the summer of 2025, later stopping withdrawals and winding down following the crackdown from authorities. Huione Pay was one of the main tools for Telegram-based and online gambling, as well as USDT laundering.
After the shutdown of Huione Pay, up to 30 alternative entities emerged on Telegram, according to researchers from Eliptic.
Briefly, Tudou Guarantee was the selected marketplace for similar activities, but it also followed Huione in winding down its operations. Huione Guarantee also held a 30% stake in Tudou Guarantee, becoming the single biggest shareholder.
Currently, smaller dark markets are competing for a share of payments and potentially, laundering.
USDT marketplaces, using the TRON version of the stablecoin, have now been marked as a risk factor and are more closely watched for potential stablecoin laundering.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.
Crypto payments in human trafficking operations reach hundred-million-dollar range in 2025
Cryptocurrency payments linked to suspected human trafficking operations jumped by a dramatic 85 % in 2025, according to a new analysis of blockchain data released.
Blockchain analytics firm Chainalysis reported that flows of cryptocurrency to services believed to be tied to human trafficking reached hundreds of millions of dollars last year — a substantial increase from 2024.
Investigators tracked these transactions across a range of criminal services, including international escort networks, labor placement channels linked to scam operations, and vendors of child sexual abuse material (CSAM).
Chainalysis’s crypto crime report sparks tension in the industry
Following Chainalysis’s findings, individuals have raised safety and risk concerns, sparking tension in the crypto industry. Tom McLouth, an intelligence analyst at Chainalysis, issued a statement arguing that the findings mark a significant pivot for the industry.
To break down his point for better understanding, McLouth stressed that, “I haven’t seen anyone discuss human trafficking comprehensively within today’s crypto world and how it’s being used,” he said, further noting that, “I believe one reason for this is that it’s a sensitive topic. People generally avoid discussing CSAM and large-scale exploitation at family dinners.”
Notably, these discoveries emerged at a time when relevant authorities have intensified investigations into the use of cryptocurrencies for illegal activity.
The reports about the increased number of transactions connected to suspected human trafficking operations come after the Justice Department revealed Jeffrey Epstein’s early investments in cryptocurrency and his relationship to prominent influencers in the crypto industry. Epstein was an American financier, child sex offender, and sex trafficker.
Moreover, sources pointed out that an earlier reported Bitcoin ransom demand in the kidnapping case of Nancy Guthrie, the mother of Savannah Guthrie, an American broadcast journalist and attorney. This case has received widespread media attention.
In response to this news, McLouth pointed out that attributing large-scale illicit cryptocurrency movements to individual actors remains a major challenge for law enforcement, unlike high-profile name cases.
“We can’t point to one particular person committing a specific crime,” he explained. “Jeffrey Epstein, as we see in the news, is a name that people recognize. But when it comes to an entire system or industry, we can’t do that.”
Criminal-related cryptocurrency transactions cases surge in the crypto industry
Concerning the surge in cryptocurrency transactions in suspected human trafficking operations, some reports highlighted that these transactions have hit a new all-time high of $260 million. However, a reliable source noted that this figure is pending verification.
Afterwards, the source alleged that they are utilizing blockchain analytics to trace incoming transaction activity related to human trafficking or CSAM operations.
They also mentioned that they will not disclose the exact figures since they know their estimates are already on the low side and want to prevent an undercount from being widely circulated.
In addition to this argument, they further asserted that this justification accounted for the broad range of several hundred million to demonstrate the extent of the issue.
On the other hand, the 2026 Crypto Crime Report also breaks down transaction trends by category. For example, Chainalysis noted that blockchain analysis indicates a 48.8% connection rate between cryptocurrency transfers and international escort networks on Telegram.
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Blockchain analytics firm Chainalysis reported that flows of cryptocurrency to services believed to be tied to human trafficking reached hundreds of millions of dollars last year — a substantial increase from 2024.
Investigators tracked these transactions across a range of criminal services, including international escort networks, labor placement channels linked to scam operations, and vendors of child sexual abuse material (CSAM).
Chainalysis’s crypto crime report sparks tension in the industry
Following Chainalysis’s findings, individuals have raised safety and risk concerns, sparking tension in the crypto industry. Tom McLouth, an intelligence analyst at Chainalysis, issued a statement arguing that the findings mark a significant pivot for the industry.
To break down his point for better understanding, McLouth stressed that, “I haven’t seen anyone discuss human trafficking comprehensively within today’s crypto world and how it’s being used,” he said, further noting that, “I believe one reason for this is that it’s a sensitive topic. People generally avoid discussing CSAM and large-scale exploitation at family dinners.”
Notably, these discoveries emerged at a time when relevant authorities have intensified investigations into the use of cryptocurrencies for illegal activity.
The reports about the increased number of transactions connected to suspected human trafficking operations come after the Justice Department revealed Jeffrey Epstein’s early investments in cryptocurrency and his relationship to prominent influencers in the crypto industry. Epstein was an American financier, child sex offender, and sex trafficker.
Moreover, sources pointed out that an earlier reported Bitcoin ransom demand in the kidnapping case of Nancy Guthrie, the mother of Savannah Guthrie, an American broadcast journalist and attorney. This case has received widespread media attention.
In response to this news, McLouth pointed out that attributing large-scale illicit cryptocurrency movements to individual actors remains a major challenge for law enforcement, unlike high-profile name cases.
“We can’t point to one particular person committing a specific crime,” he explained. “Jeffrey Epstein, as we see in the news, is a name that people recognize. But when it comes to an entire system or industry, we can’t do that.”
Criminal-related cryptocurrency transactions cases surge in the crypto industry
Concerning the surge in cryptocurrency transactions in suspected human trafficking operations, some reports highlighted that these transactions have hit a new all-time high of $260 million. However, a reliable source noted that this figure is pending verification.
Afterwards, the source alleged that they are utilizing blockchain analytics to trace incoming transaction activity related to human trafficking or CSAM operations.
They also mentioned that they will not disclose the exact figures since they know their estimates are already on the low side and want to prevent an undercount from being widely circulated.
In addition to this argument, they further asserted that this justification accounted for the broad range of several hundred million to demonstrate the extent of the issue.
On the other hand, the 2026 Crypto Crime Report also breaks down transaction trends by category. For example, Chainalysis noted that blockchain analysis indicates a 48.8% connection rate between cryptocurrency transfers and international escort networks on Telegram.
The smartest crypto minds already read our newsletter. Want in? Join them.
Massive Whale and Retail Interest Pushes Mutuum Finance (MUTM) Past $20.5M in Funding as Solana (...
Whale accumulation and growing retail demand are accelerating momentum around Mutuum Finance (MUTM), a new crypto that has now surpassed $20.5 million raised in its presale. This highlights increasing confidence in the DeFi newcomer, positioning it as the next crypto to explode. While Solana (SOL) works toward technical recovery, investor attention appears firmly locked on MUTM.
Solana Price Analysis
Solana (SOL) is approaching a descending bullish trend line. Traditionally, every time this level is touched, a price reversal is seen. Solana relies heavily on the price momentum of Bitcoin, which has recently also seen a sharp fall. SOL’s recovery may take time to materialize as BTC also stalls, which has seen investors seek faster-growing tokens. One new crypto appealing to both whale and retail buyers is Mutuum Finance (MUTM).
MUTM Presale Momentum
Mutuum Finance is in phase 7 of presale. So far, the presale has managed to onboard 19,000 investors and has reached a funding height of around $20.5 million. Price per MUTM during this phase is $0.04, which means an investment of $1,000 grabs 25,000 MUTM. However, upcoming phases are set to feature higher prices. For instance, the token will sell for $0.045 in phase 8 and progressively cost more until launch at $0.06.
This means $1,000 will buy 22,000 MUTM in phase 8 and a little over 16,000 MUTM at the market debut price. The same applies to gains: an investor who buys MUTM early stands to gain the biggest profits as the crypto grows. Total token supply is limited to 4 billion MUTM, of which 45.5%, i.e., 1.82 billion MUTM, will go towards presale investors. This creates a scarcity from the word go, a mechanism that has triggered strong FOMO in the project.
Dual Model of Lending
A unique offering from Mutuum Finance is its dual-model decentralized lending system:
Assets can be deposited in Peer-to-Contract (P2C) lending pools, such as ETH or USDT, generating mtTokens (mtETH or mtUSDT) and earn interest, for example, 7-12% APY. Similarly, borrowers can get loans by providing overcollateralized cryptocurrency e.g. 150%, with variable rates. For instance, an investor seeking a $10,000 ETH loan could deposit $15,000 USDT as collateral.
Peer-to-peer (P2P) lending, on the other hand, is for speculative or niche coins like Dogecoin. Here, borrowers and investors agree on customized conditions like interest rates, time period, etc. A lender might lend $10,000 in ETH at 16% interest for 21 days to a borrower who provides $20,000 DOGE as collateral (200% overcollateralization).
Early Participation Incentives
Mutuum Finance offers reward programs to encourage early-stage adoption. A daily leaderboard offers the top presale buyer $500 worth of MUTM tokens. There is also the $100,000 giveaway, in which ten winners will win $10,000 worth of MUTM tokens each. This will encourage community participation and the adoption of MUTM in the long term.
While Solana is preparing to experience a technical recovery, substantial whale and retail demand are already leading to explosive growth in Mutuum Finance. With its token price of just $0.04 per token, investors can benefit from prelaunch gains and long-term potential, making it the next crypto to explode. The presale is the final opportunity to get the token at a discount before a sharp rise in price. Join now, while phase 7 is still ongoing.
For more information about Mutuum Finance (MUTM) visit the links below:
Website: https://mutuum.com/
Linktree: https://linktr.ee/mutuumfinance
Solana Price Analysis
Solana (SOL) is approaching a descending bullish trend line. Traditionally, every time this level is touched, a price reversal is seen. Solana relies heavily on the price momentum of Bitcoin, which has recently also seen a sharp fall. SOL’s recovery may take time to materialize as BTC also stalls, which has seen investors seek faster-growing tokens. One new crypto appealing to both whale and retail buyers is Mutuum Finance (MUTM).
MUTM Presale Momentum
Mutuum Finance is in phase 7 of presale. So far, the presale has managed to onboard 19,000 investors and has reached a funding height of around $20.5 million. Price per MUTM during this phase is $0.04, which means an investment of $1,000 grabs 25,000 MUTM. However, upcoming phases are set to feature higher prices. For instance, the token will sell for $0.045 in phase 8 and progressively cost more until launch at $0.06.
This means $1,000 will buy 22,000 MUTM in phase 8 and a little over 16,000 MUTM at the market debut price. The same applies to gains: an investor who buys MUTM early stands to gain the biggest profits as the crypto grows. Total token supply is limited to 4 billion MUTM, of which 45.5%, i.e., 1.82 billion MUTM, will go towards presale investors. This creates a scarcity from the word go, a mechanism that has triggered strong FOMO in the project.
Dual Model of Lending
A unique offering from Mutuum Finance is its dual-model decentralized lending system:
Assets can be deposited in Peer-to-Contract (P2C) lending pools, such as ETH or USDT, generating mtTokens (mtETH or mtUSDT) and earn interest, for example, 7-12% APY. Similarly, borrowers can get loans by providing overcollateralized cryptocurrency e.g. 150%, with variable rates. For instance, an investor seeking a $10,000 ETH loan could deposit $15,000 USDT as collateral.
Peer-to-peer (P2P) lending, on the other hand, is for speculative or niche coins like Dogecoin. Here, borrowers and investors agree on customized conditions like interest rates, time period, etc. A lender might lend $10,000 in ETH at 16% interest for 21 days to a borrower who provides $20,000 DOGE as collateral (200% overcollateralization).
Early Participation Incentives
Mutuum Finance offers reward programs to encourage early-stage adoption. A daily leaderboard offers the top presale buyer $500 worth of MUTM tokens. There is also the $100,000 giveaway, in which ten winners will win $10,000 worth of MUTM tokens each. This will encourage community participation and the adoption of MUTM in the long term.
While Solana is preparing to experience a technical recovery, substantial whale and retail demand are already leading to explosive growth in Mutuum Finance. With its token price of just $0.04 per token, investors can benefit from prelaunch gains and long-term potential, making it the next crypto to explode. The presale is the final opportunity to get the token at a discount before a sharp rise in price. Join now, while phase 7 is still ongoing.
For more information about Mutuum Finance (MUTM) visit the links below:
Website: https://mutuum.com/
Linktree: https://linktr.ee/mutuumfinance
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