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Crypto & Web3CoinDesk ·

Shiba Inu jumps 36% driven by surge in South Korean trading volume

Shiba Inu (SHIB) has recorded a sharp 36% price surge in a rally that lacks any clear fundamental catalyst or official announcement. South Korean cryptocurrency exchanges appear to be the primary driver, carrying a disproportionately large share of the trading volume. The move appears isolated to SHIB, as other dog-themed tokens have not seen comparable gains. Analysts and observers remain puzzled by the rally's origins, with no project news or major partnership to explain the spike.

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Crypto & Web3CoinDesk ·

BitMart crypto exchange to shut down after nine years of operation

Cryptocurrency exchange BitMart has announced it will permanently cease operations after nine years in business. The exchange has given users one month to close any open trades and six months to complete fund withdrawals. No specific reason was provided by BitMart for the decision to shut down. Following the announcement, the exchange's native BMX token plummeted by 58% in value.

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Crypto & Web3CoinDesk ·

Sberbank to Build Crypto Trading Infrastructure by December 2024

Russia's largest bank, Sberbank, is planning to establish a cryptocurrency trading infrastructure by December. The move comes as Russia prepares to implement new regulations governing crypto trading, custody, and settlement, which take effect on September 1. The regulatory framework will require licensed intermediaries to comply with additional requirements starting July 2027. Sberbank's initiative positions it as an early mover in Russia's emerging regulated digital asset market.

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Crypto & Web3CoinDesk ·

North Korea Arrests Hackers Who Laundered Central Bank Funds via Crypto

North Korean authorities have arrested a group of hackers accused of stealing and laundering money from the country's own Central Bank. The suspects allegedly infiltrated the bank's systems and converted the stolen funds into cryptocurrency. They then worked with Chinese brokers to convert the digital assets into cash. To avoid detection, the group reportedly used a series of small transactions rather than large transfers.

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Crypto & Web3CoinDesk ·

Tokenized Weather Derivatives Could Bring Climate Risk Hedging to Everyday People

Ordinary individuals and small businesses on Main Street face significant financial risks from weather-related events but currently have no practical way to hedge against them. Traditional weather derivatives exist but remain largely inaccessible to non-institutional players. Tokenization of these financial instruments through blockchain technology could open up weather risk hedging to a much broader audience. CoinDesk columnist Omkar Godbole argues this democratization of weather derivatives may represent one of crypto's most meaningful real-world applications.

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Crypto & Web3CoinDesk ·

Robinhood Chain triples in size as tokenized stocks hit $500K daily volume

Robinhood Chain, designed to bring equities onto the blockchain, has tripled in size since mid-July. Real-world assets on the chain have grown fivefold, with a dozen tokenized stocks each clearing over $500,000 in daily trading volume. The surge reflects rising institutional and retail interest in on-chain equity products. Despite the growth, memecoins and stablecoins continue to dominate overall activity on the chain.

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Crypto & Web3CoinDesk ·

White House urges Senate Democrats to accept Trump crypto limits deal

The White House has called on Senate Democrats to accept the concessions already secured regarding President Donald Trump's cryptocurrency dealings. Democrats successfully pushed Trump to agree to potential restrictions on his personal crypto activities as part of negotiations over the Clarity Act. However, Senate Democrats argue that the agreed-upon limitations do not go far enough in curbing Trump's involvement in the crypto market. The White House is now pressing Democrats to treat the achieved restrictions as a meaningful win rather than continuing to push for stronger measures.

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Crypto & Web3CoinDesk ·

World Network raises $52.5M to embed biometric tools in enterprise software

World Network, backed by OpenAI CEO Sam Altman, has secured $52.5 million in a new funding round. The capital raise signals a strategic shift for the organization, which is moving away from broad network expansion efforts. The company will now focus on integrating its biometric identity-screening devices into enterprise software platforms. This pivot is aimed at addressing the growing challenge of verifying human identity online amid the rise of AI-generated deepfakes.

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Crypto & Web3CoinDesk ·

LMAX Explores Sale or IPO With Help From Morgan Stanley and KBW

Institutional crypto trading platform LMAX is evaluating strategic options that could result in either a sale or an initial public offering. The company has enlisted the support of major financial institutions Morgan Stanley and investment bank KBW to guide the process. LMAX operates as a venue catering to institutional participants in the cryptocurrency trading space. The move signals growing interest in consolidation and public market opportunities within the institutional digital assets sector.

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Crypto & Web3CoinDesk ·

Strategy Revamps Bitcoin Metrics to Clarify Shareholder Exposure

Strategy, the bitcoin-focused firm led by Michael Saylor, has overhauled its framework for measuring bitcoin holdings amid a continuing bear market. The updated metrics are designed to give common shareholders a clearer picture of the company's net bitcoin exposure. The revision accounts for obligations tied to preferred stock and convertible debt before calculating that exposure. The move reflects growing pressure on the company to improve transparency as market conditions remain challenging.

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Crypto & Web3CoinDesk ·

Brazilian Farmers Use Tokenized Dairy Cows as Collateral to Secure Loans

Brazilian farmers have found an innovative way to access financing by tokenizing their dairy cows as digital assets on a blockchain. This approach allows agricultural businesses to use livestock as loan collateral, effectively bypassing traditional bank lending limits. Smart collars attached to the animals monitor herd health in real time, serving as a fraud-prevention measure for lenders. The system enables local farmers to secure thousands of dollars in funding backed directly by their livestock. This model represents a growing trend of applying blockchain technology to real-world agricultural assets in emerging markets.

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Crypto & Web3CoinDesk ·

EU's 21st Russia Sanctions Package Targets $120B Crypto Network, 14 Firms

The European Union has unveiled its 21st package of sanctions against Russia, with a significant focus on cryptocurrency. The package targets a crypto network reportedly valued at $120 billion, with 14 crypto companies identified for action, though their names have not yet been disclosed. Notably, the EU is for the first time considering a ban on third-country crypto service providers as part of the measures. The move signals a broadening of EU efforts to close financial loopholes that may be used to circumvent existing Russia-related restrictions.

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Crypto & Web3CoinDesk ·

B2C2 Held Acquisition Talks With Multiple Buyers Over 18 Months

B2C2, a crypto market maker owned by Japan's SBI Group, has been in sale discussions with several potential buyers over the past 18 months. The firm attracted takeover interest from multiple suitors, signaling broader consolidation interest in the crypto trading sector. However, disagreements over valuation have reportedly prevented any deal from being finalized. No buyer has been publicly identified, and it remains unclear whether talks are still ongoing.

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Crypto & Web3CoinDesk ·

Bitcoin options see $5B cluster at $70K-$72K strikes, calls dominate puts

Nearly $5 billion in open interest has accumulated at Bitcoin's $70,000 and $72,000 call strike prices on derivatives exchange Deribit. The concentration of activity at these specific price levels signals strong bullish sentiment among options traders. Call options, which profit when prices rise, significantly outnumber put options at these strikes. This skew toward calls suggests that a notable portion of the market is positioning for Bitcoin to reach or exceed the $70,000–$72,000 range.

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Crypto & Web3CoinDesk ·

Bitcoin Holds Near $65,000 Despite Oil Surge Amid Ongoing Iran Conflict

Bitcoin traded just below $65,000 on Friday, with the broader crypto market posting gains. Brent crude oil climbed to $97.66, its highest level since May, driven by ongoing tensions related to the Iran conflict. Despite the sharp rise in oil prices, traditional financial markets remained largely subdued. The resilience of crypto assets suggests that investors are not treating the oil surge as a major risk signal for digital assets.

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Crypto & Web3CoinDesk ·

Poolin, Once Bitcoin's Largest Mining Pool, Files for Bankruptcy

Poolin, a Singapore-based cryptocurrency mining company, has filed for bankruptcy after accumulating debts of $173 million. The firm was once the dominant force in Bitcoin mining, controlling close to 20% of the network's total hashrate. Its financial collapse marks a dramatic fall from its position as the world's largest Bitcoin mining pool. The company is now in the process of liquidating its remaining assets to address outstanding obligations.

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Crypto & Web3CoinDesk ·

Bitcoin Treasury Firms Sell Holdings, Pivot to AI Amid Share Price Collapse

Several companies that had adopted bitcoin accumulation strategies are now unwinding their positions under mounting financial pressure. Falling share prices and looming debt obligations have made it difficult for these firms to sustain their crypto-heavy balance sheets. As a result, many are liquidating bitcoin holdings to repay creditors and stabilize their finances. Some of these companies are simultaneously pivoting toward artificial intelligence as an alternative business focus. The broader shift reflects how challenging market conditions have eroded the once-popular corporate bitcoin treasury model.

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Crypto & Web3CoinDesk ·

India orders takedown of Jack Dorsey's encrypted mesh app Bitchat

India has ordered the removal of Bitchat, a messaging application developed by Twitter co-founder Jack Dorsey. The app uses Bluetooth mesh networking to relay encrypted messages and Bitcoin transactions without requiring internet access. The takedown order comes amid protests in Delhi by a group called 'Cockroach Janta Party,' whose members have been using mesh-based tools to stay connected during internet shutdowns. Authorities appear to be targeting Bitchat due to its ability to bypass government-imposed internet restrictions.

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Crypto & Web3CoinDesk ·

BitMEX hit with proposed class-action suit over theft and insider trading claims

Cryptocurrency exchange BitMEX is facing a proposed class-action lawsuit as it prepares to shut down operations. The complaint alleges that BitMEX deliberately designed its platform to retain customer collateral rather than return it. Plaintiffs also claim that an internal trading desk at the exchange accessed private user data during server freeze events. The lawsuit raises serious concerns about the integrity of the platform's operations and its treatment of user funds.

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