Author: Gabby

Wirex has become a participant in Visa’s Agentic Ready initiative, focusing on enabling artificial intelligence agents to conduct stablecoin transactions. The program aims to create a secure framework for software agents to handle payments autonomously while ensuring user oversight.

This move comes as the agentic economy grows at an annual rate of 44%, with stablecoins offering a continuous payment infrastructure that traditional banking cannot match. Initial tests will concentrate on areas like SaaS subscriptions, marketing budget management, and procurement automation.

For these trials, Wirex will act as an issuer within Visa’s program, collaborating with other ecosystem players to validate that AI-driven payments remain secure and transparent. The company emphasized that users will retain consent and visibility over all transactions.

Wirex’s involvement builds on its existing relationship with Visa as a principal member. The collaboration explores how AI can handle tasks such as travel bookings and subscription management without requiring step-by-step approval. Pavel Matveev, Wirex co-founder and CEO, noted that agent-driven interactions are increasingly common among business clients, and the partnership aims to establish a trusted payment model within Visa’s global network.

This initiative expands Visa’s stablecoin-related efforts, which include previous projects like settlement using Circle’s USDC on Ethereum and newer explorations of tokenized asset spending. Visa has also recently supported crypto reward programs and gold-backed spending cards.

A resident of Newcastle, Washington, has been handed a five-year prison term for assisting in the laundering of nearly $97 million worth of fraud proceeds through bank accounts and cryptocurrency exchanges. The U.S. Attorney’s Office confirmed that Geoffrey K. Auyeung entered a guilty plea on charges of conspiracy to commit money laundering. Authorities revealed that the illicit funds flowed through accounts he established and linked to various crypto platforms.

Judge John C. Coughenour delivered the sentence in a Seattle federal court, citing the extensive scale and impact of the fraudulent scheme. Auyeung was taken into custody in August 2024 and formally admitted his guilt in February. Prosecutors noted that even after his indictment and arrest, he persisted in communicating with his co-conspirators. First Assistant U.S. Attorney Neil Floyd emphasized that Auyeung enabled fraudsters to siphon investor money by providing banking and crypto services. Victims believed they were transferring funds to legitimate escrow accounts, but instead, Auyeung redirected the money, including routing some illegal fees through his spouse’s bank accounts. One victim traveled from the United Kingdom to attend the sentencing and expressed the emotional toll the scheme had taken.

The fraudulent operation was tied to an oil and gas investment scheme. Court documents indicate that Auyeung established at least nine shell companies with names related to oil, gas, logistics, and energy services to receive investor funds. Between August 2022 and August 2024, perpetrators convinced victims they were financing oil storage ventures in Rotterdam and Houston, promising profits from renting out tank space. Once payments entered Auyeung’s accounts, the money was funneled to other accounts, overseas locations, or cryptocurrency exchanges. Investigators found that Auyeung opened 81 bank accounts across 24 different financial institutions and 19 accounts on eight crypto exchanges. From June 2022 to July 2024, these accounts collectively received $97.1 million in third-party deposits, all of which were deemed proceeds of fraud.

To mask the illicit flow, Auyeung used crypto exchanges like Gemini, BitStamp, and Coinbase to purchase Bitcoin, Tether, USD Coin, and Ethereum. Most of these digital assets were later transferred to Binance accounts controlled by individuals in Nigeria and Russia, according to court records. Prosecutors accused Auyeung of employing fake transaction descriptions and forged documents to hide the money from financial institutions and law enforcement. He moved victim funds between accounts with no legitimate business purpose, rapidly converted fiat into crypto, and sent assets to addresses held by accomplices. In return, Auyeung received at least $4 million in commissions, and he reportedly demanded higher payments as he grew more aware of the fraud’s nature.

Restitution and forfeiture matters are still pending, with a magistrate judge set to determine the final amount. Prosecutors have requested $24.7 million in restitution for victims. Auyeung will forfeit approximately $2.3 million seized from bank accounts and his home, along with an Audi SQ8. He also agreed not to contest the civil forfeiture of about $7.1 million from crypto wallets and to surrender around $300,000 from bank accounts toward restitution. Judge Coughenour commended the prosecution’s work in recovering funds for those harmed. The case was investigated by Homeland Security Investigations and IRS Criminal Investigation, with Assistant U.S. Attorneys Jehiel I. Baer and Yunah Chung leading the prosecution.

The United States government is set to prosecute its first insider trading case involving a prediction market, as Army soldier Gannon Van Dyke prepares to stand trial in December. A Manhattan federal court has scheduled proceedings for the 38-year-old active-duty service member, who is accused of leveraging classified intelligence to profit from bets on Polymarket tied to the capture of Venezuelan President Nicolás Maduro. Authorities claim Van Dyke turned an initial wager of around $33,000 into more than $410,000 over a seven-day period starting in late December, placing 13 Venezuela-related bets. The case tests how existing fraud and commodities laws apply to blockchain-based event betting platforms.

Van Dyke was released on a $250,000 personal recognizance bond and has pleaded not guilty to three counts of violating the Commodity Exchange Act, along with charges of wire fraud and engaging in an unlawful monetary transaction. His legal team has indicated plans to file a motion seeking dismissal of the charges by the end of next month. Prosecutors also allege that Van Dyke requested deletion of his Polymarket account after the trades settled, in an attempt to conceal his activity.

Beyond the criminal case, Polymarket faces mounting scrutiny from lawmakers, regulators, and international authorities. House Oversight Committee Chairman James Comer has requested documents from the platform regarding wagers on the Maduro operation. Meanwhile, South Korean police have launched an investigation into domestic users of Polymarket for potential violations of gambling laws. In the United States, the Commodity Futures Trading Commission has filed a separate civil complaint, with Chair Mike Selig warning that enforcement action will follow any fraud or manipulation in regulated markets, regardless of ongoing debates about prediction market regulation.

Congressional lawmakers have begun examining a proposed tax overhaul for digital assets, raising questions about its implications during an initial committee hearing. The House Ways and Means Committee assessed several measures designed to ease the tax filing process for cryptocurrency users, investors, and brokers. Committee Chairman Jason Smith emphasized that the package tackles gaps in current tax laws, aiming to provide parity, clarity, and reduced paperwork. However, Ranking Democrat Richard Neal expressed caution, stating that while he supports the goal of clarity, further work is needed to reach a consensus. Neal noted that skepticism exists on both sides of the aisle.

One key proposal seeks to exempt small crypto transactions with minimal gains from detailed reporting, arguing that routine payments with stablecoins or other digital assets should not trigger burdensome paperwork. Supporters believe this would simplify everyday use. Another provision addresses how mining and staking rewards are taxed. Currently, these rewards can be taxed both upon receipt and again when sold. The bill would allow certain miners and stakers to defer income until disposal, a move that some critics argue could create loopholes.

Mike Kaercher from NYU Law’s Tax Law Center warned that the deferral option might enable tax avoidance, despite included guardrails. His testimony sparked concern among Democrats, who focused on potential abuses. Conversely, crypto industry advocates see the changes as necessary to clear up confusion. Coinbase Vice President Lawrence Zlatkin noted that current rules create headaches for taxpayers and businesses, as well as compliance challenges for the IRS, which is already burdened with new reporting requirements and staff reductions.

The bills remain at an early stage, requiring further committee action and approval from both chambers before becoming law. Meanwhile, the Senate has not advanced a similar package, though Senator Cynthia Lummis has pursued related legislation. With the current Congress set to end in 2026, the timeline is uncertain. Kevin Wysocki of Anchorage Digital stressed that tax clarity should accompany regulatory clarity to foster investment and job growth. As the debate unfolds, stakeholders from both sides await the next steps in this legislative process.

Algorithmic trading firm Wintermute has cautioned that Bitcoin’s recent price drop does not signal a definitive market bottom, as institutional demand remains tepid and capital continues to exit spot Bitcoin ETFs. In a weekly market note, Wintermute highlighted that the current correction is distinct from prior downturns, driven primarily by a lack of large-scale buyer interest rather than isolated events.

Data from crypto.news shows Bitcoin trading near $61,828 on Tuesday, down 3.18% in 24 hours and over 14% for the week, reaching its lowest since September 2024. The overall crypto market cap fell 2.8% to $2.21 trillion. Over $1.78 billion in leveraged positions were liquidated, with longs bearing the brunt, per CoinGlass.

Wintermute noted that attention on Michael Saylor’s sale of 32 BTC has overshadowed the broader issue: retreating U.S. institutional investors. Spot Bitcoin ETFs endured a 13-session outflow streak from mid-May to early June, shedding about $4.37 billion. By June 8, net assets across these ETFs fell from over $100 billion to roughly $79.6 billion.

The firm points to a negative Coinbase premium and weak over-the-counter activity as evidence that institutions are reducing exposure. Meanwhile, strong U.S. economic data—172,000 jobs added in May—and rising services inflation have strengthened expectations that the Federal Reserve will maintain higher rates, dampening appetite for risk assets like crypto.

Despite bearish signals, CryptoQuant analyst Gaah notes that Bitcoin Supply in Loss MA7D has hit 50%, a level historically associated with capitulation and cycle bottoms, last seen in November 2022. Wintermute acknowledges some long-term accumulation at current prices but insists that a sustainable recovery requires renewed institutional inflows. The upcoming SpaceX IPO on June 12 may offer clues on market risk appetite, but until spot ETF inflows reverse, the bottom remains unconfirmed.