Category: Cryptocurrency

A high-stakes legal dispute involving an attorney named Ian R. Cohen has taken a new turn as he challenges the revival of a lawsuit targeting roughly 3.8 million Bitcoin, valued at around $238 billion. The case includes wallets linked to Bitcoin’s mysterious creator, Satoshi Nakamoto.

Cohen recently submitted a court rebuttal opposing efforts by plaintiff attorney David Lin to overturn a stay in a New York case. The lawsuit, initiated by anonymous parties identified as ABC Company, XYZ Company, and Noah Doe, argues that the wallets should be treated as abandoned property under state law.

The stay was granted earlier this month by Justice Kathy King after Cohen sought to participate as amicus counsel. A hearing regarding the amicus request is scheduled for July 14. In his latest filing, Cohen emphasized that the court imposed the stay on its own authority after reviewing the case, not simply at his behest.

At the heart of the matter is the plaintiffs’ assertion that long-inactive Bitcoin wallets qualify as abandoned assets, which could be transferred via court order. They claim the original owners can no longer access the funds due to an alleged technical flaw. Among the targeted addresses are those tied to Satoshi Nakamoto and the “1Feex” address, linked to Bitcoin stolen during the Mt. Gox breach.

Cohen has consistently challenged the legal foundation of the case. He argues that New York’s lost-property laws do not apply to self-custodied Bitcoin, that inactivity alone does not constitute abandonment, and that private keys are beyond New York court jurisdiction. His filing also highlights that the defendants are 39,069 pseudonymous addresses, making it unlikely for affected parties to appear in court. Lifting the stay, he warns, could lead to a default judgment against the wallets, threatening billions in property rights.

Additionally, Cohen points to recent blockchain activity as evidence that the wallets are not abandoned. Court documents identify addresses that have sent out transactions, indicating active control by their owners. Galaxy Digital’s research head, Alex Thorn, reported that 52 named addresses moved 34,335 BTC collectively, with 29 addresses transferring 12,302 BTC after receiving notice of the lawsuit.

The case has drawn criticism from other crypto figures. Ripple CTO Emeritus David Schwartz questioned how a New York court could claim jurisdiction over Bitcoin wallets with unknown owners spread across a decentralized network. He warned that the legal theory could result in people losing control of their crypto assets. Meanwhile, Binance founder Changpeng Zhao suggested that dormant wallets could be frozen during a transition to quantum-resistant cryptography if holders fail to move funds within a specified period, though any such move would require community consensus.

Amazon has decided not to distribute the forthcoming Sam Altman biopic titled ‘Artificial,’ a move that comes as OpenAI edges closer to a potential public offering. The e-commerce giant made this choice despite ongoing negotiations with the film’s creators to find another distributor, as reported by Puck.

The project, which centers on OpenAI’s CEO Sam Altman and includes Tesla and xAI founder Elon Musk, reportedly portrays both tech figures in a less than flattering light. This may have contributed to Amazon’s decision, even though the company expressed confidence in the director’s vision. Observers note that the timing is notable given Amazon’s deepening ties with OpenAI, including a recent multi-billion-dollar investment commitment tied to future milestones.

Amazon’s exit follows its major cloud computing agreement with OpenAI last year. While the company has not officially linked the two, the sequence of events has sparked discussion across both Hollywood and the tech industry. Meanwhile, OpenAI is actively preparing for a stock market debut, having confidentially filed a draft registration with U.S. regulators. Altman has hinted that an IPO could occur within the next year, though he emphasized that the timeline remains flexible based on market conditions and company priorities.

Adding to the momentum, OpenAI recently signed a significant enterprise deal with BBVA, expanding ChatGPT Enterprise access to the bank’s entire workforce of 120,000 employees across 25 countries. This deployment is among the largest generative AI rollouts in financial services and includes applications for customer service, risk analysis, software development, and internal operations. With these developments, scrutiny of OpenAI and its leadership is intensifying, making Amazon’s withdrawal from the biopic particularly noteworthy as IPO expectations build.

Bitcoin surged past the $63,000 mark on news that a ceasefire agreement between Israel and Hezbollah has rekindled hopes for the resumption of diplomatic talks between the United States and Iran. The positive turn in geopolitical tensions provided a temporary boost to risk assets, with BTC reaching an intraday high of $63,300 before settling around the $63,000 level.

The ceasefire, set to take effect on Friday according to a senior U.S. official cited by Reuters, comes just days after Israeli strikes in Lebanon had derailed plans for U.S.-Iran negotiations scheduled in Switzerland. The de-escalation reduces the immediate threat of broader conflict, particularly concerning the Strait of Hormuz, which Iran had previously warned could be affected by rising tensions.

Despite the relief rally, Bitcoin continues to face headwinds from the Federal Reserve’s hawkish monetary policy stance. The central bank kept interest rates unchanged at 3.50%–3.75% and indicated potential for further rate hikes later in the year. This outlook has maintained pressure on cryptocurrencies and other risk assets, limiting upside momentum.

On-chain data reveal that a whale who held 800 BTC for seven months sold the entire position at an average price well below their $106,866 purchase cost, realizing an estimated $35.3 million loss. Such large-scale capitulation suggests that some long-term holders remain under financial stress, even as optimism grows over a potential diplomatic resolution between the U.S. and Iran.

Prediction markets reflect uncertainty about the timing of a formal meeting. Polymarket data shows a 38.6% probability that no U.S.-Iran talks will occur before June 30, while a meeting in Switzerland holds a 31.4% chance. Nonetheless, the ceasefire has revived hopes that the peace process can move forward, supporting Bitcoin’s recovery from recent lows.

Interoperability protocol Axelar has temporarily deactivated its bridge connections to Secret Network following a security breach that led to the theft of approximately $4.7 million in bridged digital assets. The exploit was identified on assets that had been transferred from the Axelar chain to Secret Network utilizing the Cosmos Inter-Blockchain Communication framework.

Preliminary investigations indicate that the vulnerability resides in the Secret-side ICS-20 smart contract responsible for processing IBC transfers between the two blockchains, rather than in Axelar’s core protocol. Axelar’s emergency response team acted swiftly to disable both the Secret and Secret-SNIP connections to halt any further asset loss. The company has also alerted relevant cryptocurrency exchanges and law enforcement agencies as the probe continues.

Secret Network is known for its privacy-centric blockchain that encrypts transaction data while keeping smart contract code verifiable on-chain. Its integration with Axelar enabled developers to build confidential cross-chain applications, such as private decentralized finance activities, anonymous NFT trades, and hidden governance functions.

Axelar has stated that the incident appears isolated to assets bridged from Axelar to Secret Network, with no evidence suggesting that other IBC connections, native Secret Network tokens, or additional Axelar integrations were compromised. The core Axelar protocol remained fully operational throughout the event. A detailed post-mortem report is expected once the investigation concludes, and the affected bridge routes will remain offline until engineers complete their review of the attack vector and loss assessment.

This breach adds to a series of security incidents affecting crypto infrastructure projects in recent weeks. Just earlier this month, Humanity Protocol announced recovery measures after a June 8 exploit forced the project to retire its original H token across Ethereum, BNB Chain, and Humanity Mainnet. The project attributed the incident to stolen credentials, not vulnerabilities in its token contracts or bridge infrastructure.

Security failures have also led to project shutdowns; for instance, crypto payments platform Pyra announced plans to cease operations after determining it could not recover from the financial and user impact of the Drift exploit. According to Binance Research, DeFi exploits in April alone contributed to roughly $13 billion in total value locked outflows across decentralized finance protocols, reducing available liquidity. The research also noted that the on-chain leverage ratio climbed to around 38%, a level last seen in 2021, as TVL declined faster than borrowing activity.

GoMining has introduced a new Bitcoin payment infrastructure that enables merchants to accept transactions directly on the Bitcoin network, bypassing traditional fiat conversion entirely. The system, called GoBTC Pay Gen1, includes an SDK and API designed for businesses, wallet providers, and other ecosystem participants. GoMining charges a processing fee of just 0.2%, which they claim is drastically lower than the 1.5% to 3.5% typically incurred by credit card payments.

According to GoMining, the platform settles transactions on the Bitcoin blockchain without relying on custodial intermediaries or converting to fiat currency. This approach allows users to maintain control of their assets throughout the payment process. The company plans to initially onboard up to ten merchants and partners as part of the rollout.

The toolkit includes features such as merchant onboarding, payment management, online checkout integration, developer documentation, an open API, and a web dashboard for monitoring and settlement. GoMining CEO Mark Zalan emphasized that Bitcoin was originally intended for transferring value, not just holding. He stated that this new infrastructure aims to make Bitcoin payments more accessible for everyday commerce.

Unlike many crypto payment services that convert digital assets to fiat before settlement, GoBTC Pay processes payments directly on Bitcoin. The platform operates on GoMining’s private 15 EH/s mempool infrastructure and utilizes Stratum V2 technology to prioritize transactions. Settlement times are estimated at around 12 hours on average.

A unique incentive structure accompanies the launch: merchants pay a 0.2% transaction fee, which is split equally between wallet providers and miners who process the settlements. GoMining believes this model rewards infrastructure participants while encouraging broader Bitcoin payment adoption. The company has previously argued that Bitcoin miners are well-positioned to operate payment protocols on the mainnet because they already earn block rewards and can generate additional revenue from transaction processing.

Founded in 2021, GoMining operates a Bitcoin mining platform where users earn BTC through NFT-linked hashrate without purchasing hardware. The company manages mining operations across multiple global data centers and is backed by Bitscale Capital. It uses Bitmain infrastructure and BitGo for institutional custody. Its advisory board includes Tal Cohen, former CEO of Kraken US, and Victor Orlovski.

Market analyst Ali Martinez has raised alarms about Strategy’s STRC preferred stock, suggesting its design could amplify financial strain during a prolonged Bitcoin downturn. He draws parallels to the feedback mechanism that unraveled Terra-Luna in 2022. Unlike traditional bonds with fixed coupons, STRC dividends can be adjusted to maintain price near $100 par. If STRC dips further, Strategy may need to hike payouts to attract investors, increasing costs just as Bitcoin’s value drops. This creates a vicious cycle: falling asset prices meet rising obligations.

STRC recently plunged 17% below par to a record low of $82.53 before recovering to $88.59, sparking debate on how to stabilize the security. Arca’s Jeff Dorman suggested selling $3–4 billion in Bitcoin as one fix, though he sees further MSTR share sales as more probable. Critics like Peter Schiff question the marketing of STRC, warning that higher future yields could raise fundraising costs.

Martinez stresses that Strategy is not Terra—it lacks algorithmic tokens. But he argues the economic dynamic is similar: both systems impose extra burdens on the issuer during stress. QCP estimates Strategy’s cash can cover dividends for ~7.5 months, adding urgency to the situation.

As Bitcoin remains under pressure, the STRC loop could test Strategy’s capital structure, forcing hard choices such as liquidating Bitcoin or selling more equity.

As European regulators tighten their grip on cryptocurrency transactions, Zcash has emerged as a key player in the privacy coin arena. The latest EU proposals, which include a €10,000 cash payment limit and stricter anti-money laundering measures set for 2027, have ignited debates about financial privacy. While initial interpretations suggested that every Bitcoin transaction would require identity verification, analysts have since clarified that these rules primarily target regulated service providers, not peer-to-peer transfers. Nevertheless, the controversy has shifted focus to privacy-focused cryptocurrencies like Zcash.

Helius CEO Mert recently praised Zcash for its robust privacy features, stating it stands out among similar networks. Market commentator WallStreetBets echoed this sentiment, declaring a new ‘privacy era’ and urging traders to study Zcash. Unlike Bitcoin’s transparent ledger, Zcash offers shielded transactions that protect wallet addresses and transfer details, making it appealing as regulatory scrutiny intensifies.

Despite the hype, Zcash’s price has not surged. At the time of writing, ZEC hovered around $451, with daily trading volume dropping 29% to approximately $365 million. This follows a sharp decline earlier in the month when the asset lost over 40% in a single day due to heavy selling, partly linked to large holders and BitMEX co-founder Arthur Hayes.

Technical analysts are closely watching key support levels. Altcoin Sherpa describes the current price zone as a support region and remains bullish long-term, predicting ZEC will trade within a $350-$500 range, largely following Bitcoin’s movements. Another analyst, Ardi, identifies $440 as a crucial threshold; holding above it could lead to a breakout, while a loss might signal further declines. He forecasts a temporary bounce followed by continued downward pressure.

The European Union has enacted new anti-money laundering regulations that will prevent licensed crypto firms from handling privacy-focused cryptocurrencies, while peer-to-peer Bitcoin transactions between self-hosted wallets remain outside the scope of mandatory identity checks. Starting July 2027, Regulation (EU) 2024/1624 imposes stricter customer verification duties on crypto-asset service providers and bans services that enhance transaction anonymity. The legislation also introduces a bloc-wide limit of €10,000 on commercial cash payments and broadens compliance requirements for sectors vulnerable to money laundering, such as professional football clubs and luxury goods dealers.

Under the framework, regulated entities like exchanges and custodians must perform full customer due diligence for crypto transactions of €1,000 or more. For smaller amounts, identification is still needed but with less rigorous verification. The rules explicitly forbid anonymous accounts and services that enable transaction obfuscation, including those involving anonymity-enhancing cryptocurrencies. However, the regulation does not prohibit individuals from owning or using privacy coins privately, and direct transfers between self-hosted wallets do not trigger identity verification obligations under EU law. Separate Travel Rule requirements apply when regulated intermediaries are involved in transfers with self-hosted wallets exceeding €1,000.

Beyond crypto, the regulation establishes a standardized €10,000 cash payment cap across the EU, with member states able to impose stricter limits. Cash transactions of €3,000 or more require customer identity verification. Deposits and payments through banks or electronic money issuers are exempt from this cap but remain subject to existing monitoring systems. The legislation also expands the list of entities covered by anti-money laundering rules, including crowdfunding operators and investment migration businesses, and strengthens beneficial ownership transparency requirements, with ownership thresholds set at 25% generally and 15% for higher-risk structures.

Grant Cardone’s real estate firm, Cardone Capital, has snapped up 282 Bitcoin, worth around $18 million, as the cryptocurrency market slides due to rising geopolitical tensions. The purchase was announced on June 19 via X, with Bitcoin trading near $62,000 at the time. This follows a previous buy of 130 BTC for about $9.7 million during a recent downturn.

The firm’s Bitcoin holdings are funded through rental income from multifamily properties, including a 366-unit complex in Boca Raton. Instead of distributing extra cash flow to investors, Cardone allocates it to Bitcoin purchases. The company aims to reach 3,000 BTC by 2026 and eventually 10,000 BTC across its vehicles.

Speaking at Consensus 2026 in Miami, Cardone revealed a recent $100 million increase in Bitcoin allocation, part of a larger transaction involving $235 million in real estate. He emphasized that the firm’s structure combines Bitcoin and real estate within a single LLC, differentiating it from traditional REITs.

Cardone notes that around 80% of investors in one Bitcoin-linked real estate fund were new to Bitcoin. The firm has also launched the 10X Miami River Bitcoin Fund, pairing a 346-unit apartment complex with $15 million in Bitcoin and using rent income for further purchases. Additionally, Cardone listed his $42 million Golden Beach property on Propy, a blockchain-powered marketplace that supports Bitcoin transactions.

Andre Cronje, the former chief technology officer of Sonic Labs, has resigned from the company’s board alongside Michael Kong and David Richardson, as the organization faces a severe decline in its native token and growing discontent from its community. The departures are part of a broader overhaul of the firm’s governance and executive structure, which includes the appointment of Matt Visser as the new chief executive officer and Kosta Kourkoumelis as chief operating officer. Cronje, who previously served as the technology lead for the Fantom ecosystem, clarified in a public statement that while he accepts responsibility for technical decisions, he was not involved in key choices such as the network migration process, airdrop design, tokenomics, or legacy network management. The Sonic token, which launched in January 2025 following the transition from Fantom to the Sonic layer-1 blockchain, has plunged roughly 97% from its initial value, now trading near $0.029. Technical analysis indicates the token has broken below a bearish flag pattern, with the relative strength index dropping to 34, signaling weak buying pressure, and the moving average convergence divergence remaining below zero. The leadership shakeup is part of a new governance strategy aimed at enhancing transparency and accountability, including the establishment of a risk and compliance committee. Despite these measures, market sentiment remains cautious, with key support at $0.028 and resistance near $0.032. The broader crypto industry has seen similar executive turnover, with the Ethereum Foundation also experiencing the departure of co-executive director Hsiao-Wei Wang amid reported layoffs.